For the first time since 2008! Global Private Net Wealth Shrinks Wealth | Private | Global
Recently, the 2023 Global Wealth Report jointly released by Credit Suisse and UBS showed that the total global private net wealth in 2022 shrank by $11.3 trillion, a decrease of 2.4% in US dollars. This is the first decline in global private net wealth since the 2008 global financial crisis.
Data shows that in 2022, the total global private net wealth shrank by $11.3 trillion to $454.4 trillion. The report points out that, in addition to the impact of exchange rates, the decline in financial assets such as stocks and bonds was the main reason for the decline in global private net wealth last year.
From a regional perspective, the loss of global wealth is highly concentrated in wealthier regions such as North America and Europe, with a total loss of $10.9 trillion. Among them, the United States has the largest decline in private net wealth; The loss of over 2 trillion US dollars in the Asia Pacific region. In Latin America, driven by the rise in the exchange rate of currencies against the US dollar, the total wealth has increased. Russia, Mexico, India, and Brazil are the four countries with the highest private net wealth appreciation in 2022. Among them, Russia increased its private net wealth by $600 billion. Some American media have pointed out that this situation can be explained by Russia's record breaking oil exports and soaring oil prices.
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In addition, the report predicts that global wealth will grow by 38% over the next five years, reaching $629 trillion by 2027, with the growth of middle-income countries becoming the main driving force for global wealth.