BUSINESS
04/10/2009 05:12 am ET | Updated May 25, 2011

Stephen Schwarzman: 45 Percent Of World's Wealth Destroyed

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."

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