Even the super-rich aren't immune to financial setbacks. According to a new report, the world's wealthiest individuals lost a collective $10 trillion last year—the biggest decline since 2010.
The world’s 218,000 UHNWIs saw their combined wealth drop by 10 percent from $101.5 trillion in 2021 to $91.4 trillion in 2022, as per the report. Although four in 10 wealthy individuals did see their fortune increase in 2022—we’re looking at you,The firm cited a triumvirate of shocks—energy, economic and geopolitical—as the cause of the monumental drop. The year has been aptly described as the permacrisis, according to Knight Frank.
“The fall in wealth is unsurprising given the dramatic pivot in monetary policy that culminated in the worst performance for the traditional blended portfolio since the 1930s,” theAs for who took the biggest hit, Europe’s ultra-rich saw the largest drop in wealth, with an average decline of 17 percent. Australasia and the Americas followed, falling 11 and 10 percent, respectively. Africa saw the smallest decline with a small drop of 5 percent, while Asia also only fell by 7 percent.
The big question now is: How will 2023 play out? In a sharp reversal, 69 percent of wealthy investors expect growth in their portfolio this year amid an expected economic rebound. Here’s hoping that’s the case.
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