Global net private wealth fell by 2.4% in 2022 to $454.4 trillion (€415.6 trillion), the first year of decline in these records since 2008, according to the 14th edition of the Global Wealth Report jointly released by UBS and Credit Suisse.
According to the report's explanations, this decline is due to the appreciation of the US dollar against many other currencies, while the impact of inflation on financial assets has also contributed to the poor data.
The regions with the largest wealth losses were North America and Europe, which together lost some $10.9 trillion (€9.9 trillion), meanwhile Latin America increased its wealth by $2.4 trillion (€2.19 trillion), helped by an average currency appreciation of 6% against the US dollar.
Russia also recorded a large increase in wealth during the year despite the effects of sanctions, adding 56 millionaires to the country.
The report also predicts that global wealth will increase by 38% over the next five years, reaching $629 trillion (€575 trillion) by 2027, driven by growth in middle-income markets.
Economist and author of the report, Anthony Shorrocks, has stressed that the decline in wealth in 2022 was driven by high inflation and the appreciation of the dollar against other currencies.
In terms of wealth per adult, Switzerland tops the list, followed by the United States and Hong Kong. Norway, Singapore and the United Arab Emirates lead the growth in wealth per adult in 2022, while Sweden, New Zealand, Australia and Canada show the largest declines.
Nannette Hechler-Fayd'herbe, head of economics and research at Credit Suisse, noted that the decline in financial assets also led to a reduction in inequality, with the total number of millionaires falling by $3.5 million (€3.2 million) to $59.4 million (€54.3 million). Also, the richest 1% of the world's population decreased their share of wealth to 44.5% in 2022.
Spain sees an increase in the number of millionaires in 2022
For its part, Spain has defied the global downward trend and has registered 1.135 million millionaires in the country, compared to 1.132 million in the previous figure. Spain therefore ranks 12th on a list that is headed by the USA with more than 22.71 million millionaires.
Furthermore, the number of millionaires in Spain is expected to reach 1.41 million by 2027. It will, therefore, recover the upward trend lost in 2021, when the number of large fortunes decreased by 17,000. Not surprisingly, 1,018 people in Spain are among the select group of the 1% of the world's largest fortunes.
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