The world's ultra-rich lost about $14 trillion of their wealth in 2022, Knight Frank study shows
Even the ultra-rich had a bad 2022 — it's not surprising, given the fallout from the Ukraine war, the energy crisis, and the Fed's rate hikes hitting their investment portfolios.
Just four in 10 ultra-wealthy people saw a boost to their wealth in 2022, but the"overwhelming trend" was negative, Knight Frank said in the report. The wealth rout came on the back of the Russia-Ukraine war and the resulting rising inflation. To curb a rapid rise in inflation, most major central banks — including the US Federal Reserve —However, this further depressed the markets. Higher rates mean companies tend to borrow less for investment and growth, which impacts their earnings. A rise in interest rates also hitsThe ultra-rich are not immune to these policy changes that hit their investment portfolios.
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