Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

World’s richest people have lost $1.4 trillion in 2022 after rapid gains

by
June 14, 2022
in Investing News
0
World’s richest people have lost $1.4 trillion in 2022 after rapid gains
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

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.

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. 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.

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 US, Japan, China and Germany remain among the top countries where most of the world’s wealthy live. The four are home to almost 64% of high-net-worth individuals globally, Capgemini’s report showed.

What’s more, even among the world’s high-net-worth individuals, the very rich saw the most benefits. People with investable assets of $30 million or more saw their wealth expand 9.6% compared with 2020, the fastest pace among the cohorts studied by the report. Those with $1 million to $5 million — defined as “millionaires next door’’ — had the slowest wealth growth at 7.8%.

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.

Of course, that rapid ascent is now under siege 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. — Bloomberg

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
Ukraine’s farmers fear war-time harvest ‘hell’

Ukraine’s farmers fear war-time harvest ‘hell’

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

España-PUP section of NLEX-SLEX connector project seen complete by end of Q2 next year

España-PUP section of NLEX-SLEX connector project seen complete by end of Q2 next year

June 5, 2022
DHL launches UK recruitment drive to create 3,500 new jobs for ten new depots across Britain

DHL launches UK recruitment drive to create 3,500 new jobs for ten new depots across Britain

July 5, 2022
All about roaming in Europe

All about roaming in Europe

June 22, 2022
Bridging Finance could be the answer to securing and completing your next property investment or development project. Here’s how it could help you.

Bridging Finance could be the answer to securing and completing your next property investment or development project. Here’s how it could help you.

June 7, 2022
Golf tourney kicks off launch of sports gaming platform

Golf tourney kicks off launch of sports gaming platform

August 17, 2022
A Conversation with Roger Lallemand Jr. MD on Business, the Medical Field, and How He Is Positively Impacting the Lives of Others

A Conversation with Roger Lallemand Jr. MD on Business, the Medical Field, and How He Is Positively Impacting the Lives of Others

June 6, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.