The recent annual Global Wealth Report by UBS, a prominent Swiss bank, reveals that Europe and the United States lost trillions of dollars. Reportedly, the US lost more wealth in comparison to any country in 2022.
In 2022, the United States experienced the largest decline in wealth compared to any other nation, with a reduction of $5.9 trillion. Additionally, the report unveiled that North America and Europe lost a combined $10.9 trillion in 2022.
Report reveals 1 million fewer American millionaires by 2022 end
The US saw a decline in millionaires, with a reduction of 1 million millionaires by the end of 2022. Nevertheless, the US maintained a substantial global presence. It accounted for more than half of the world’s ultra-high-net-worth individuals, according to the UBS report.
The report shows some interesting data about Russia. Russia’s economic performance has defied expectations, standing out as a distinctive case of wealth growth. This is even amid the ongoing conflict in Ukraine. The recently published annual Global Wealth Report by UBS has provided insights into this phenomenon, highlighting that Russia’s wealth increased by a substantial $600 billion, all while geopolitical tensions remained prevalent.
Against the backdrop of significant wealth lost by both the United States and Europe, Russia’s ability to enhance its economic position has been notable. Despite the continuing war in Ukraine, the country managed to experience a notable upswing in its overall wealth. This presents a contrast to the challenges faced by other global economies.