World Wealth Falls For The First Time In 4 Years, Says UBS And Credit Suisse Report | The USA Print – THE USA PRINT

UBS and Credit Suisse presented the fourteenth edition of the “Global Wealth Report”, which highlights that world net private wealth fell by 2.4% in 2022, to $454.4 billion dollars, being the first year of fall in these records since 2008when the US financial crisis

According to the report, the fall was caused by the appreciation of the US dollar against many other currencieswhile financial assets have also contributed to the bad data.

The regions with the greatest wealth losses were North America and Europe, which together they lost $10.9 billionwhile Latin America increased its wealth by $2.4 trillion, helped by an average appreciation of the currency of 6% against the US dollar.

Some of the key findings of the report are:

Disaggregated by race, non-Hispanic whites in the US saw their wealth decline in 2022while African Americans emerged from the recession almost unscathed.

· Instead, Hispanics achieved 9.5% growth in 2022due to its greater holding of housing assets compared to financial assets.

· Along with the decline in aggregate wealth, overall wealth inequality also declined in 2022and the wealth share of the world’s richest 1% fell to 44.5%.

The number of USD millionaires worldwide dropped by 3.5 million during 2022 to 59.4 million. However, this figure does not take into account the 4.4 million “inflation millionaires” who would no longer qualify if the millionaire threshold were adjusted for inflation in 2022.

Global median wealth, possibly a more meaningful indicator of how the typical person is doing, in fact increased 3% in 2022 in contrast to the 3.6% drop in wealth per adult.

For the world as a whole, median wealth has quintupled this century to about twice the rate of wealth per adultlargely due to the rapid growth of wealth in China.

· It is expected that the global wealth increases by 38% in the next five yearsreaching $629 billion by 2027.

· Growth in middle-income countries will be the main driver of global trends.

· The authors estimate that wealth per adult will reach $110,270 by 2027. and that the number of millionaires will reach 86 million, while the number of ultra-high net worth (UHNWI) people is likely to rise to 372,000 people.

For more details about the report and its methodology, enter here.

Keep reading: 
· How much money do you have to have to be considered rich in New York and 9 other US cities?
· The United States has the largest number of cities with the most millionaires in the world, says study
· The richest 1% in the world pollutes the planet more than 50% of the poor