The world's ultra-richest saw their fortunes shrink by 10 percent in 2022, due to the war in Ukraine, a study said Wednesday, but the outlook for them this year is bright. | News24_Business
The study, by London-based property consultants Knight Frank, examined the fortunes of what it calls ultra-high-net-worth individuals : people with a net worth of at least $30 million including their main residence.
"Last year the Ukraine crisis fuelled the European energy crunch and supercharged already surging inflation," said Liam Bailey, Knight Frank's global head of research. Although four in 10 of the ultra-rich saw their wealth increase in 2022,"the overwhelming trend was negative", the report said. Europe's ultra-rich were hit hardest, with a 17 percent drop in fortunes there, followed by Australia at 11 percent and the Americas down 10 percent."Exchange rates had a significant impact," wrote Flora Harley, the report's executive editor.
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