MILLIONS DISAPPEAR

Dominion, Volume 25, Issue 171, 15 April 1932, Page 9

MILLIONS DISAPPEAR

Losses in World Slump FAMOUS FORTUNES SHRINK More than one hundred meh in Great Britain who three years ago were mil-, lionaires have to-day lost the right to that title. There were about 490 of them, worth £1,000,000,000, but in the world slump their fortunes have dropped in value by £300.000.000, and only 385 . are still millionaires. One man reputed a few years ago to be the richest man in' Britain, with £40,000.000, is believed to be worth £10,000,000. A famous shipping peer, whose fortune stood at £3,000,000 in 1927 now has £500,000. Another peer, who had £7,000,000, is worth £3.000.000. f , . . / The losses millionaires have suffered are strikingly shown in recent wills:—

Mr. Solly Joel was estimated to possess £12.000,000 in 1925. When he died last May he left £1,000,000. The £4.900.000 left by Mr. Bernhard Baron, the tobacco millionaire philanthropist. declined by £1,325,000 through the drop in share prices in five months between his death in August, 1929, and January, 1931 b An additional £2.269.000 was absorbed by death duties, leaving an estate of £1.350.000.

In 1928 and 1929 twenty-nine persons died leaving £1.000.000 or over. Only twenty-live- estates touched the million mark in 1930 and 1931.

Surprising facts about millionaires and their money in the crisis were given recently to the “Sunday Express” by Mr. Ronald Staples, editor of “Taxation.” “There are million Hires who did not earn a penny last year.” he said. “Many others did not receive enough income even to pay their tax! I'know one man who was worth more than £1,000,000 before the world slump. He now has a quarter of that.”