Global Wealth Report 2023: Global wealth falls sharply

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According to the UBS Global Wealth Report 2023, global wealth fell sharply last year for the first time since the 2008 financial crisis.

 

According to the annual Global Wealth report of the Swiss bank UBS, released yesterday, assets fell for the first time in 2022 since the 2008 financial crisis.

 

Last year, more than 3.5 million people lost their millionaire status (in dollars), in what appears to be the first fall in global wealth since the subprime crisis.

 

The number of people with more than $1 million in assets rose from 63 million at the end of 2021 to 60 million at the end of 2022, according to UBS’s annual report. The Swiss bank said that global wealth is affected by particularly high inflation as well as the collapse of many currencies such as the ruble against the dollar.

 

Wealth around the world

 

In the United States, the number of millionaires has fallen by 1.8 million to 22.7 million. Note that there are still many more millionaires in the United States than in the rest of the world. China comes second in this ranking, followed by France, which had more than 2.8 million millionaires in 2022.  Japan and Germany close the Top5 followed by the United Kingdom.

 

Across the Channel, 440,000 people have lost their millionaire status, totalling 2.6 million. Australia recorded the fourth largest decline, losing 360,000 millionaires.

 

Very large fortunes are falling

 

According to a Bloomberg study, the world’s 500 richest people lost $1.4 billion in 2022.

 

Elon Musk, the richest person in the world since 2021, temporarily replaced by Bernard Arnault, president of LVMH, lost 138 billion dollars in 2022. The same year he completed the $44 billion acquisition of Twitter.

 

Mark Zuckerberg, co-founder of Facebook and once in the top 10 of the world’s biggest fortunes, has lost nearly $81 billion in net worth. At the end of 2022, his personal wealth stood at $45 billion by the end of 2022.

 

That same year, all individuals, from the ultra-rich to the most needy, experienced an overall decline in their wealth, according to UBS economists, who observed “the first decline in global household net wealth since the 2008 global financial crisis“.

 

Global private wealth fell $11.3 billion, or 2.4%, to $454 billion. Average wealth per adult fell by $3,200 to $84,718. For UBS “this result marks a break in the almost uninterrupted expansion of household wealth over the course of this century”.

 

The global economy is going through a period of surprising economic change. The radical changes of the Fourth Industrial Revolution represent the most significant structural upheaval in 250 years. It turns out that revolutions are revolutionary – both social and economic relations will be challenged by this process,” said Paul Donovan, chief economist at UBS.

 

The share of global wealth held by the richest 1% of the planet has slightly decreased to 44.5%, reversing some of the increase in wealth inequality observed during the pandemic.

 

Thus, to be part of the very closed club of the 1% the richest, it is now necessary to have mobilizable assets of a value at least equal to 1 081 342 dollars.

 

However, UBS expects this global wealth to rebound by 38% by 2027, mainly due to the continued rise in financial markets.

 

Read also>Wealth of France’s 500 richest reaches a record 1,170 billion euros

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According to the UBS Global Wealth Report 2023, global wealth fell sharply last year for the first time since the 2008 financial crisis.

 

According to the annual Global Wealth report of the Swiss bank UBS, released yesterday, assets fell for the first time in 2022 since the 2008 financial crisis.

 

Last year, more than 3.5 million people lost their millionaire status (in dollars), in what appears to be the first fall in global wealth since the subprime crisis.

 

The number of people with more than $1 million in assets rose from 63 million at the end of 2021 to 60 million at the end of 2022, according to UBS’s annual report. The Swiss bank said that global wealth is affected by particularly high inflation as well as the collapse of many currencies such as the ruble against the dollar.

 

Wealth around the world

 

In the United States, the number of millionaires has fallen by 1.8 million to 22.7 million. Note that there are still many more millionaires in the United States than in the rest of the world. China comes second in this ranking, followed by France, which had more than 2.8 million millionaires in 2022.  Japan and Germany close the Top5 followed by the United Kingdom.

 

Across the Channel, 440,000 people have lost their millionaire status, totalling 2.6 million. Australia recorded the fourth largest decline, losing 360,000 millionaires.

 

Very large fortunes are falling

 

According to a Bloomberg study, the world’s 500 richest people lost $1.4 billion in 2022.

 

Elon Musk, the richest person in the world since 2021, temporarily replaced by Bernard Arnault, president of LVMH, lost 138 billion dollars in 2022. The same year he completed the $44 billion acquisition of Twitter.

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According to the UBS Global Wealth Report 2023, global wealth fell sharply last year for the first time since the 2008 financial crisis.

 

According to the annual Global Wealth report of the Swiss bank UBS, released yesterday, assets fell for the first time in 2022 since the 2008 financial crisis.

 

Last year, more than 3.5 million people lost their millionaire status (in dollars), in what appears to be the first fall in global wealth since the subprime crisis.

 

The number of people with more than $1 million in assets rose from 63 million at the end of 2021 to 60 million at the end of 2022, according to UBS’s annual report. The Swiss bank said that global wealth is affected by particularly high inflation as well as the collapse of many currencies such as the ruble against the dollar.

 

Wealth around the world

 

In the United States, the number of millionaires has fallen by 1.8 million to 22.7 million. Note that there are still many more millionaires in the United States than in the rest of the world. China comes second in this ranking, followed by France, which had more than 2.8 million millionaires in 2022.  Japan and Germany close the Top5 followed by the United Kingdom.

 

Across the Channel, 440,000 people have lost their millionaire status, totalling 2.6 million. Australia recorded the fourth largest decline, losing 360,000 millionaires.

 

Very large fortunes are falling

 

According to a Bloomberg study, the world’s 500 richest people lost $1.4 billion in 2022.

 

Elon Musk, the richest person in the world since 2021, temporarily replaced by Bernard Arnault, president of LVMH, lost 138 billion dollars in 2022. The same year he completed the $44 billion acquisition of Twitter.

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