What is the impact of wealth on determining whether a punitive damages award is excessive?

The wealth of the defendant is an important consideration when determining whether a punitive damages award is excessive. The deterrent function of punitive damages " 'will not be served if the wealth of the defendant allows him to absorb the award with little or no discomfort'; conversely, 'the function of punitive damages is not served by an award which, in light of the defendant's wealth and the gravity of the particular act, exceeds the level necessary to properly punish and deter.' [Citation.]" (Rufo v. Simpson (2001) 86 Cal.App.4th 573, 620.) Accordingly, an award that is reasonable in light of the nature of the defendant's conduct and the degree of injury to the plaintiff may nevertheless be so disproportionate to the defendant's ability to pay that it is " 'excessive' for that reason alone." (Bankhead, supra, 205 Cal.App.4th at p. 78.)