The drop marks the first since the 2008 financial crisis, according to a new report from the multinational firm.
Last year's financial losses in 2022 were most prevalent in wealthier regions including the U.S. and Europe, per the report. Image credit: UBS Globalfrom wealth management firm UBS, the world’s total net private wealth fell by 2.4 percent, or $11.3 trillion last year. This drop. the first since the 2008 financial crisis, was defined by inflationary pressures, currency fluctuations and other factors that the report’s authors do not foresee continuing in the long term.
“Keeping exchange rates constant but counting the effects of inflation results in a real wealth loss of –2.6 percent in 2022.” Insights align with other studies published recently, including data intelligence firm Altrata’s finding that the population of UHNWIs fell by more than 5 percent in 2022 (The top 1 percent of all earners’ total wealth fell by 0.9 percent, with the population holding 44.5 percent of all wealth in 2022. The total number of millionaires also slipped by 3.5 million people during the year, a time when there were 59.4 million people with a net worth of over $1 million.
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