Global Wealth Drops For First Time Since 2008 Financial Crisis

Most of losses heavily concentrated in wealthier and more developed regions, such as North America and Europe, which lost a combined $10.9 trillion in 2022.

A currency stretches near the screens showing the Korea Composite Stock Price Index (KOSPI), (C), and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, on May 22, 2023. Lee Jin-man/AP Photo

Total global wealth dropped in 2022 for the first time since the financial crisis of 2008, according to an annual report.

The Global Wealth Report 2023, published on Aug. 15 by both Credit Suisse and UBS, reported that total private wealth declined by 2.4 percent, or $11.3 trillion, to $454.4 trillion.