According to Mr Steve Schwarzman chairman of private equity giant Blackstone, the past five quarters have seen 40% of the world"s wealth destroyed and business leaders expect the global economic crisis will get worse.
Mr Schwarzman said that an almost incomprehensible amount of cash had evaporated since the financial crisis took hold.
He added that "Business will be very different.”
Mr Schwarzman comments came on a day of the World Economic Forum characterized by the gloom of its participants and warnings that the crisis will endure for some time.
Mr Rupert Murdoch news Corp chief executive kicked off the meetings by warning that the atmosphere was worsening despite global economic confidence plumbing the lowest depths on record.
He said that "The crisis is getting worse. It"s going to take drastic action to turn it around, if it can be turned around quickly. I believe it will take a long time."
Sir Howard Davies director of the London School of Economics and a former Bank of England policymaker said that "The outlook is pretty grim. Things are not good and business surveys are coming out showing they"re getting even worse."
Executives participating in an economic brainstorming session said that despite the trauma caused by the economic and financial problems, another crisis at some point was inevitable.