Much of the decline comes from the appreciation of the US dollar against other currencies
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Total net private wealth fell by US-$ 11.3 trillion (–2.4%) to 454.4 trillion at the end of 2022, according to the 14. Global Wealth report published by Credit Suisse and UBS. Wealth per adult also declined by US-$ 3,198 (–3.6%) to reach 84,718 per adult. Much of this decline comes from the appreciation of the US dollar against many other currencies.
Latin America (Mexico, Brazil) is the outlier with a total wealth increase of USD 2.4 trillion, helped by an average 6% currency appreciation against the US dollar. India is also a winner.
Regionally, the report shows the loss of global wealth was heavily concentrated in wealthier regions such as North America and Europe, which together shed US$ 10.9 trillion. Asia Pacific recorded losses of 2.1 trillion.
Heading the list of losses in market terms in 2022 is the United States, followed by Japan, China, Canada and Australia.
In terms of wealth per adult, Switzerland continues to top the list followed by the USA, Hong Kong SAR, Australia and Denmark despite sizeable reductions in mean wealth versus 2021.
Ranking markets by median wealth puts Belgium in the lead followed by Australia, Hong Kong SAR, New Zealand and Denmark.
Source: Credit Suisse
(17.08.2023, USA: 08.17.2023)