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The world's superrich, defined as worth $30 million or more, took the biggest hit. Globally, their ranks dropped 2.5 percent to 100,000 and their combined fortunes fell about 5 percent. The ultrawealthy are more likely to invest their money in higher risk assets such as hedge funds, private equity or commercial real estate. While returns can be greater, if markets turn sour such investments are also harder to unload for a "palatable price in a viable time frame," so instead they were stuck in superrich investors' portfolios, where they quickly lost value last year, the report said. ___
[Associated
Press;
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