Yes, the global financial crisis has reduced the amount of global wealth by 11.8%. In the United States, wealth has shrunk by 21.8% to US$29.3 trillion compared to 2007.

But the picture is a lot more complicated than that. Some have lost a fortune but at the very top, there are people raking it in. How else do we explain this report in The Economist which shows that the rich in America are earning more? Economists, Emmanuel Saez and Thomas Piketty estimate that the richest 1% in America increased their share of the country's income to 23.5%. That's the highest level since 1928.

First, it suggests that the distribution of wealth in America is top heavy. And while unemployment in the US is heading beyond 10%, the pain is not universal. The gap between the haves and have-nots could create a crisis later on as the world settles in for a period of low growth for many years ahead.