Adolf Merckle owns Phoenix Pharmahandel, a drugs wholesaler with annual sales of 21bn euros; Heidelberg Cement with annual sales of 11bn euros; Ratiopharm, a generic drugs firm with annual sales of 1.8bn euros; Kaessbohrer ski slope equipment firm with annual sales of 183m euros; and VEM engine makers with annual sales of 280m euros. The German billionaire’s business empire employs approximately 100,000 employees. In 2008, it recorded 30bn euros annual sales.

In 2008, he lost about 400m euros (£363m; $535m) on Volkswagen shares. His business concerns raked up huge debts. When his business empire broke down due to the economic meltdown, he took his own life. The body of the world’s 94th richest person was found sprawled near railway tracks. Before he committed suicide, Merckle was able to secure credit from banks. Apparently, the new hope was not able to mend the broken spirit of a rich man.

It is the poor that will be affected most by the global economic meltdown. The rich will get less rich but can never reach the destitute level of those who never had material wealth. It is interesting to note that with the same economic meltdown, it is the poor who will be able to handle the emotional, mental, and psychological challenges of an economic depression. Perhaps, it is because they have no expectations and have tempered their material aspirations so much so that financial loss will not necessarily lead to total helplessness.

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Via BBC