Rising interest rates and persistent inflation in 2022 led to the first drop in total household wealth since the 2008 financial crisis. Private global wealth decreased by 2.4% to $454.4 trillion, as per the Credit Suisse and UBS global wealth report. However, the median global wealth, a more meaningful measure of how the average Joe is faring, increased by 3% in 2022. The drain on wealth at the top, according to CNN, means the world now has about 3.5 million fewer millionaires.
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