In pictures: Global wealth declines for first time since the 2008 financial crisis

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In pictures: Global wealth declines for first time since the 2008 financial crisis

Much of this decline comes from the appreciation of the US dollar against other currencies

Published: August 16, 2023 14:47 Gulf News Report

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Copy of 251724-01-02-1692182737394 — Global household wealth in US dollar terms has experienced its first aggregate decrease since 2008, along with a decline in wealth per adult both nominally and in real terms. According to Credit Suisse's annual global wealth report published on Tuesday, wealth per adult saw its second-largest reduction since 2000. Image Credit: AFP

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Copy of 255827-01-02-1692182729531 — The 3.4% household wealth growth in 2022 was the lowest rate recorded in any year this century apart from 2008. It was also the only year this century, other than 2008, in which the total value of household financial assets declined even when exchange rate changes are discounted. The key contributors to this situation were the reduced value of financial assets, a stronger US dollar and elevated inflation. Image Credit: AFP

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Copy of APTOPIX_Russia_Ukraine_War_69804--56e0a-1692182734613 — Fiscal and monetary policies undertaken in response to the COVID-19 pandemic, combined with the Russia-Ukraine war and other factors, have resulted in a rise in global inflation. Image Credit: AP

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Copy of 250835-01-02-1692182739320 — Much of the 2022 decline in wealth came from the appreciation of the US dollar against many other currencies, which caused global wealth to decline by 5.8%. But this was offset by inflation, which raised nominal USD values by a similar amount. Image Credit: AFP

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Copy of 250137-01-02-1692182741562 — Wealth increases among countries were more common overall than wealth losses, but the gains were generally small in magnitude. Rare exceptions included Russia, Mexico, India and Brazil, which all saw higher aggregate private wealth in 2022. Image Credit: AFP

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Stock - Dubai skyline / Dubai property / property market / Dubai — On a per adult basis, Norway, Singapore and the United Arab Emirates stood out with higher increases of average private wealth. Image Credit: Twitter/@DXBMediaOffice

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Copy of 2023-08-16T050107Z_1955180649_RC2J2Z9LIP2J_RTRMADP_3_USA-RATES-INVESTORS-1692182726632 — The number of US dollar millionaires worldwide fell by 3.5 million during 2022 to total 59.4 million at year-end. This number includes 4.4 million "inflation millionaires" who would no longer qualify if the millionaire threshold were adjusted for inflation during 2022. Image Credit: REUTERS

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The ultra-high-net-worth (UHNW) group with wealth above $50 million had 22,490 fewer members by Credit Suisse estimate. Image Credit: Shutterstock

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Copy of 255542-01-02-1692182731714 — The data shows that the rise in wealth inequality during the pandemic was reversed in 2022. This reduction can be traced to the relative decline in financial wealth during 2022. Over the longer term, global wealth inequality has fallen this century due to the faster growth achieved in emerging markets. Global median wealth has risen in tandem at roughly twice the pace of mean wealth. Image Credit: AFP

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