: Millionaire no more — 3.5 million people worldwide lost the title last year

by | Aug 16, 2023 | Stock Market

Bring out the violins — according to a new report, some 3.5 million people globally lost the title of millionaire last year after a big drop in the value of stocks and bonds, according to a new report from Credit Suisse. There were still 59.4 million members of the 9-digit club, the report showed. The ranks of the ultra-high-net-worth, defined here of having wealth above $50 million, also fell, by 22,490.

Showing the world’s inequality, the report says 2.8 billion people, or 53% of all adults, had wealth below $10,000. The ranks of those with wealth between $10,000 and $100,000 — which has trebled in size this century, owing to the growing prosperity of China and other emerging economies — is 1.8 billion. The upper middle segment, with wealth between $100,000 and $1 million, has also trebled in size this century. The global median wealth per adult has grown from $1,590 in 2000 to $9,167 in 2022, which equates to an average annual growth rate of 8.3%. Total net private wealth in 2022 declined by $11.3 trillion, or 2.4%, to $454.4 trillion, the report showed. Adjusted for exchange rates and inflation, real wealth dropped by 2.6%. …

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