Barry Sternlicht, worth millions, warns of a possible banking crisis in the US due to rising interest rates.
The American economy is going through a time of great uncertainty, especially due to the rise in interest rates that affects both the banking and real estate sectors. Given this situation, many are wondering if it is a good time to apply for a mortgage loan, since millions of people are seeing borrowing costs rise.
In this context, Barry Sternlichtthe well-known billionaire, raised an alarm about the risks facing regional banking in the United States. According to this analyst, the Market volatility could trigger a banking crisisseriously affecting the stability of many financial institutions. “I think that in the next two years there will be 500 or more fewer banks in the United States,” he predicted, adding: “I am not saying that they will all go bankrupt, but they will be forced to consolidate if they do not go bankrupt.”
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What are the businesses of billionaire Barry Sternlicht?
This millionaire He is the founder of Starwood Capital Groupan investment firm that manages assets for more than 115 billion dollars. Its focus is mainly on the real estate sectorwith investments in hotels, residential and commercial properties, as well as mortgage investment trusts (REITs). In addition, it is the creator of hotel brands such as W Hotels and Starwood Property Trustboth recognized for their focus on luxury and lifestyle.
Since 2020, Sternlicht has sponsored several SPACs (special purpose acquisition companies), being Cano Health one of his most notable projects. With a long career in the business world, he knows how to diversify his investments, but his biggest business is in the real estate sector.
How much is Barry Sternlicht’s fortune, according to Forbes
At 63 years old, Barry Sternlicht has a fortune estimated at 2.8 billion dollars, according to Forbes. His financial success comes not only from his real estate investments, but also from his ability to anticipate trends in the financial markets. Sternlicht has built a diversified empire that has withstood economic crises over the years by expanding steadily.
Source: Ambito
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