Aug 17

The world shed 3.5 million millionaires in 2022

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.