A million dollars ain’t what it used to be. With inflation biting into the pockets — and trust funds — of even the very rich, few people can ignore the effects of rising prices.
Of course, the pain is very unevenly shared, with poorer people bearing the brunt. But, even at the top of the wealth pile, the impact is clear.
The real value of fortunes has been eroding in the past two years at its fastest rate in more than 40 years, with inflation at its highest since the early 1980s in the US, the UK and the EU.
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