If 2007 was the best of times, 2008 was the worst. It was a year when analysts estimate at least 10% was knocked off the net worth of the world’s wealthy.

According to the Merrill Lynch/Capgemini world wealth report, average allocations to cash and bonds was a restrained 44% at the start of last year. Net debt was kept down by the landed gentry, due to their love of cash and agricultural land.