World's richest individuals lost a collective $10 trillion in 2022: Report
Despite the dips in their fortunes, the wealthy have still been dropping millions on new luxurious homes.
A new report has revealed that the world's richest people lost a cumulative $10 trillion in 2022, primarily due to energy, economic and geopolitical conditions. London-based Knight Frank's wealth report zeroed in on 218,000 people, also classed as 'ultra-high net worth individuals' (UHNWIs) to arrive at the figure.
The report, one of the biggest to access the decline in the fortunes of the filthy-rich stated that these individuals saw a dip of 10 per cent in their fortunes from the combined $101.5 trillion in 2021 to $91.4 trillion in 2022.
“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,” said Liam Bailey, Knight Frank’s head of research.
Read more:Over 200 millionaires make fervent call to world leaders to tax ultra-rich
The sharp dip can also be attributed to policymakers across the globe raising interest rates to combat elevated inflation in the backdrop of a slowdown in economies. The researchers added that the Ukraine crisis also contributed to the dip as the disruption in supply chain affected nearly every industry.
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“The Ukraine crisis fuelled the European energy crunch and supercharged already surging inflation. As a result, 2022 saw one of the sharpest upward movements in global interest rates in history, leading to economic conditions that Collins English dictionary neatly dubbed the ‘permacrisis’," added Bailey.
Read more: Shell makes $40 billion profit in 2022, highest in its 115 years of existence
The report found that only four UHNWIs had increased the size of their fortune last year, despite the overwhelming trend remaining negative.
However, one interesting development stood out from the rest. The report found that ultra-luxury properties changed hands much more frequently. Homes above $25 million changed hands 43 times in London and New York - two of the most coveted cities by the uber-rich.
(With inputs from agencies)
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