“The rich also cry!”
Last year was not the greatest for the world’s millionaires. About 3.5 million people fell out of that highly desirable millionaires club. Are you one of them?
If your total Networth declined due to the fall in house prices and other asset classes, you probably are.
Inflation and interest rates rose while markets plummeted, leaving some of the ultra-wealthy not quite as wealthy as they once were. As a result, total household wealth declined for the first time since the 2008 global financial crisis.
The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion last year, according to the annual Credit Suisse and UBS global wealth report. Much of that was due to losses in stock and bond markets, which disproportionately affect wealthier people.
That’s not necessarily a bad thing: Global median wealth, a more meaningful indicator of how the typical person is faring, actually rose 3% in 2022, the report found.
But the drain on wealth at the top means the world now has 3.5 million fewer millionaires than it did in 2021. Millionaires, however, still find themselves in good company — there are still about 60 million of them worldwide.