What the Federal Reserve giveth, the Federal Reserve could also taketh away.
While the wealthy don't show any signs of worrying about the effects of tighter money, they should be, according to economist Marc Faber.
Faber, who publishes The Gloom, Boom & Doom Report, told CNBC's "Squawk Box" on Monday that the wealthy could lose up to half their wealth due to tighter monetary policy and an ensuing collapse in asset prices. He didn't offer a time frame for this to occur.
But he said easy money from central banks—especially quantitative easing—has created global asset bubbles. High-end real estate and other favored assets of the wealthy will be hardest hit.
(Read more: Druckenmiller: Fed robbing poor to pay rich)
"We are in a gigantic asset bubble around the world with prices of real estate having risen a lot," he said. "The high end is at record highs. In the Hamptons, in Mayfair, London, Hong Kong, Singapore, and we have a high inflation overseas, so I think that one day this asset inflation will lead to deflationary collapse one way or the other."