Global household wealth falls

In a development reminiscent of the 2008 financial crisis, the latest Global Wealth Report jointly published by Credit Suisse and UBS reveals a decline in global household wealth throughout 2022.

The report indicates that the aggregate net private wealth experienced a reduction of $11.3 trillion in 2022, as assessed in current nominal US dollars. This decline brought the total wealth down to $454.4 trillion. A significant portion of this contraction can be attributed to the strengthening of the US dollar relative to other currencies.

Furthermore, the report highlights a decrease in overall wealth inequality during the same period. The wealth concentration among the top 1% of global earners experienced a marginal decline, settling at 44.5%. This subtle shift suggests a potential adjustment in the distribution of wealth.