According to a report, it is found that the personal wealth of an individual declined by 2.4% the previous year. It is confirmed that it is the slowest growth of private wealth in the past 15 years. The wealth declined by 2.4% which indulged in extending the U.S dollar. It also faced a loss of $11.3 trillion from personal wealth. It occurred mostly in Europe and North America.
There were many countries which faced loss and gains as well. Countries like Japan, China, U.S. Canada gained whereas Russia, Mexico, India and Brazil faced loss with private wealth. Not only this, there were also other millionaire updates.
There were less millionaires in the previous year than this year. Many millionaires lost the millionaire title. The approx amount is as follows, Japan(466,000), the U.K. (439,000), Australia(363,000) and many more.
Pandemic was a curse and threat to everyone’s life. According to the reports the wealth declined in every aspect for each individual. The wealthiest individuals experienced 1%of their private wealth declined by 0.6%in the previous year.
The U.S. is the home of many millionaires all over the world. The main source of wealth declined were financial assets whereas the non-financials remained unchanged.
The reporter stated in his report “A more detailed examination shows that financial assets contributed most to wealth declines in 2022 while non-financial assets (mostly real estate) stayed resilient, despite rapidly rising interest rates,” which also means the private wealth declined in the last 2 years with rapidly rising interest in it.
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