45 percent of world’s wealth destroyed: Blackstone CEO |

45 percent of world’s wealth destroyed: Blackstone CEO

NEW YORK (Reuters) – Private equity company Blackstone Group LP (BX.N) CEO Stephen Schwarzman said on Tuesday that up to 45 percent of the world’s wealth has been destroyed by the global credit crisis.

“Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” Schwarzman told an audience at the Japan Society. “This is absolutely unprecedented in our lifetime.”

But the U.S. government is committed to the preservation of financial institutions, he said, and will do whatever it takes to restart the economy.

http://www.reuters.com/article/GCA-Economy/idUSTRE52966Z20090311

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