It’s not just a question of analysing the relative impact of the bust on those who were rich before the boom versus those who were poor before the boom.
9 You can see that the blue bars are generally taller than the red bars, indicating that, except for New Zealand and Hong Kong, industrial production has rebounded by more than exports. Indeed, industrial production in China, India, and Indonesia has already reached new highs, and it is within about 5 percent of its previous peak in Australia and Korea.