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In fact, this aversion to the loss of money is so significant it has become the subject of a substantial number of studies. The 'pain' that is felt when people lose money is stronger than the 'joy' of a gain. And it is even more pronounced when a person has worked hard to build their capital base, often through diligent behaviour and determination, over many years – possibly even a lifetime.
In 1982, Forbes Magazine in the United States published its now renowned list of the 400 wealthiest Americans for the first time, ranked by their net worth. Twenty-one years later, JP Morgan conducted a study to examine the list and determine which families remained amongst the country’s wealthiest. The result was astonishing: