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Global household wealth fell last year for the first time since the financial crisis in 2008, as inflation and the appreciation of the U.S. dollar wiped some US$11.3 trillion off assets.<\/p>\n
Total net private wealth across the world decreased by 2.4 per cent to a total of US$454.4 trillion, according to Credit Suisse AG\u2019s annual global wealth report published on Aug. 15. The bulk of the decline was felt in North American and European households, which lost a combined US$10.9 trillion.<\/p>\n<\/p><\/div>\n
Not all regions suffered a hit to wealth. Despite the impact of sanctions, Russia recorded a large wealth increase during the year, adding 56 millionaires, according to the report.<\/p>\n Latin America saw a wealth increase of US$2.4 trillion, helped by an average six per cent currency appreciation against the U.S. dollar, according to the report. The research covered the estimated holdings of 5.4 billion adults around the world and across the wealth spectrum.<\/p>\n \u201cWealth evolution proved resilient during the COVID-19 era and grew at a record pace during 2021. But inflation, rising interest rates and currency depreciation caused a reversal in 2022,\u201d Nannette Hechler-Fayd\u2019herbe, the global head of economics and research at Credit Suisse. Credit Suisse was acquired by UBS Group AG earlier this year.<\/p>\n The macro-economy also reduced the number of millionaires by 3.5 million, to about 59.4 million people and the globe\u2019s top one-per-cent richest loosened their grip: their wealth share fell to 44.5 per cent.<\/p>\n