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British Queen loses £50 mln as recession savages rich

  The global recession has not spared the British monarch, who has lost as much as £50 million ($73 million) during the last one year.

The Queen’s investment portfolio, made up largely of shares in blue-chip British companies, has lost 30% of its value and is worth about £70 million.

This year’s Sunday Times rich list puts the fortune of Queen Elizabeth II at £270 million - a 16% fall from £320 million in 2008 - due to failing share prices and property values.

More than £150 billion has been wiped off the fortunes of the UK’s richest people in the global meltdown. In the last one year, the number of billionaires has fallen from 75 to 43. (The Economic Times)