{"id":93113,"date":"2023-08-15T17:28:46","date_gmt":"2023-08-15T17:28:46","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/global-wealth-down-for-first-time-since-2008-financial-crisis-study"},"modified":"2023-08-15T17:44:05","modified_gmt":"2023-08-15T17:44:05","slug":"global-wealth-down-for-first-time-since-2008-financial-crisis-study","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/global-wealth-down-for-first-time-since-2008-financial-crisis-study","title":{"rendered":"Global wealth down for first time since 2008 financial crisis: Study"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>Global household wealth, measured in current nominal US dollars, fell last year for the first time since the 2008 financial crisis, a new study found.<\/p>\n

The total private net wealth was down 2.4% in 2022 compared with the previous year, according to the 14th edition of the Global Wealth Report released Tuesday.<\/p>\n

According to the report, compiled by Swiss banks UBS and Credit Suisse, net private wealth fell by $11.3 trillion to $454.4 trillion. Wealth per adult also declined by $3,198 to $84,718. That’s a 3.6% decline.<\/p>\n

According to the study, much of the decline can be attributed to the appreciation of the US dollar against numerous other currencies.<\/p>\n

Financial assets contributed most to the decline in wealth in 2022, while non-financial assets, mainly real estate, remained stable despite rapidly rising interest rates.<\/p>\n

But the study also revealed regional differences in wealth development. The loss of global wealth is heavily concentrated in wealthier regions such as North America and Europe, which together lost $10.9 trillion.<\/p>\n

In contrast, an opposite trend is evident in Latin America. There, the study recorded a total increase in wealth of $2.4 trillion. This, according to the report, was boosted by an average currency appreciation of 6% against the US dollar.<\/p>\n

The study goes on to show that the highest wealth gains were achieved by Russia, Mexico, India and Brazil.<\/p>\n

In terms of wealth per adult, Switzerland leads the way with $685,230, followed by the US, Hong Kong, Australia and Denmark.<\/p>\n

The authors of the study said that global wealth will increase by 38% over the next five years, reaching $629 trillion by 2027. Moreover, growth in middle-income countries is expected to be the main driver of global trends.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. Global household wealth, measured in current nominal US dollars, fell last year for the first time since the 2008 financial crisis, a new study found. The total private net wealth was down 2.4% in 2022 compared with the previous year, according to the 14th edition of the Global Wealth Report released Tuesday. 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