The global population of the ultra-wealthy fell by 5.4% in 2022, as investment portfolios were affected by shockwaves across the global economy, according to a report Wednesday by the London-based Altrata Group.
“2022 was a challenging year for the ultra-wealthy for several reasons, including skyrocketing inflation rates, geopolitical instabilities, and volatile equity markets,” says Maeen Shaban, Altrat’s director of research and data analytics. “In addition to the Ukrainian war, a high dependence on the financial services sector in some European markets contributed to double-digit inflation rates. This, in turn, had a strong impact on demand, which affected international markets in Asia, particularly.
Further complicating matters was a generational surge in inflation, which triggered aggressive monetary policy tightening for the first time in more than a decade, and prompted a major reassessment of capital market risk and returns. Bond markets slumped, and most leading stock market indices posted double-digit falls.
Despite recording a decline of 4% in 2022 to 142,990 individuals, North America—the leading ultra-wealthy region—saw its share of global ultra-wealthy rise slightly, to 36%, as both Asia and Europe saw their slices of the population shrink.The U.S.—by far the world’s largest wealth market—experienced a 4% decrease in ultra-wealthy individuals, slightly less than the global average and a “better” performance than the next four top-ranked countries .
– With an increase of 3%, India was the only one of the world’s top 10 ultra-wealthy countries not to record a decline in members.
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