>>60938449
>In any major city 10% of the population are millionaires.
Most of that is real estate equity which WILL get evaporated. Stocks aren't fine if you bought them 75-90% from the top and the market corrects 80% and stays down for 20 years. The last 40 years has been a totally artificial stock market bubble driven by Federal Reserve artificially low interest, and then when that wasn't enough, multiple ongoing rounds of QE.

Almost no one investing today has ANY IDEA of what a real correction is, or how many decades they typically take from peak to peak.

Imagine losing 75% of your equity and having to wait 30 YEARS to break even. (nominally, not inflation adjusted)

From the 1929 peak, it took until 1955 to get to the same level. Adjusting for inflation it took until the 1980s.

I would sooner be on the Ukrainian frontline than be invested in the mag7 right now. I'd have less chance of losing my ass.