Global Millionaires Decrease by 3.5 Million Last Year... First Time Since 2008 Financial Crisis

Causes of Inflation and Asset Market Slump
Global Assets Decrease by 2.4% to $454 Trillion

Last year, the number of "millionaires" worldwide with assets exceeding $1 million (?1.3355 billion) significantly decreased. This decline in millionaires is the first since the 2008 financial crisis. High inflation and downturns in various asset markets, including stocks, are cited as the main causes.

On the 15th (local time), major foreign media such as The Wall Street Journal (WSJ) and The Guardian reported, citing a report from Swiss investment bank (IB) UBS, that the global wealth decline was prominent, with the number of adults holding assets worth over $1 million dropping from 62.9 million at the end of 2021 to 59.4 million at the end of 2022. This means that 3.5 million people worldwide could no longer maintain the title of "millionaire."

In the United States, 1.7 million people saw their assets fall below $1 million, and the number of billionaires with assets under $100 million (?133.5 billion) decreased to 17,260.

The asset market downturn led to a global decrease in high-income individuals. Since the COVID-19 pandemic, even the wealthy have experienced a significant recession and hardship, a phenomenon known as "Richcession" (Rich + Recession).

Global asset size was recorded at $454 trillion (?60,631.7 quadrillion) last year, down 2.4% ($11.3 trillion, ?1,509.1 quadrillion) in dollar terms. This is the first asset decline since the 2008 global financial crisis. Average assets per adult were recorded at $84,718 (?113.1 million), a decrease of $3,200 (?430,000).

Asset decline was particularly notable in Europe, where the euro depreciated against the dollar. Conversely, wealthy individuals in South America and Russia, where currency values remained relatively stable, saw an increase in asset value in dollar terms.

UBS stated, "This result means that the continuous expansion of household wealth throughout this century has come to a halt," adding, "As inflation soars worldwide, this asset decline will actually feel more severe. Households are under pressure as costs for groceries, energy, and all other expenses rise."

This content was produced with the assistance of AI translation services.