3RDEYEVIZION PRODUCTIONS

It’s a stark contrast to last year, when soaring markets boosted the world’s population of high-net-worth individuals by about 8%, including 13% in North America, according to a Capgemini World Wealth report released Tuesday.

World's Richest Have Lost $1.4 Trillion In 2022 After Rapid Gains

Even among the world’s high-net-worth individuals, the very rich saw the most benefits.

The 500 wealthiest people in the world have lost a combined $1.4 trillion this year, including $206 billion on Monday alone, according to the Bloomberg Billionaires Index, as global financial markets buckle under the weight of higher interest rates and inflation anxiety.

The data show that the ranks of the wealthy in Asia-Pacific increased just 4.2% — trailing Europe and falling further behind North America after dominating the growth of rich people for the past decade.

China’s crackdown on technology companies and a cooling real estate market was partly the cause, but it also reflected the ferocious gains in the US stock market, which helped inflate everything from cryptocurrencies to property values. That’s now rapidly reversing as inflation has spiraled, prompting concerns over how sharply the Federal Reserve will raise rates.

ldpfhhr

Still, the Capgemini report illustrates just how much the Covid-19 pandemic and monetary response benefited the economically elite and where they predominantly reside.

The report also highlighted how women across all brackets are set to inherit 70% of global fortunes over the next two generations. The massive wealth created from sky-high valuations of tech companies and startups also gave rise to more young and rich individuals, including in the crypto space. 

Promoted

Listen to the latest songs, only on JioSaavn.com

Of course, that rapid ascent is now under seige as Bitcoin, Ether and the rest of the crypto space tumbles and tech startups find raising new capital is about to get a lot more costly.

Comments(

This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

One response

Leave a Reply

Your email address will not be published.