An $11 trillion wealth wipeout has set the world back for the first time since 2008, thanks to a trifecta of high inflation, interest rates, and currency declines

Wed, 08/16/2023 - 06:14

FILE PHOTO - U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration — U.S. dollar notes are seen in this picture illustration
Reuters

Global wealth shrank last year for the first time since 2008, a new UBS study showed.
That's thanks to a trifecta of inflation, rising interest rates, and currency depreciation against the US dollar.
Total global household wealth dropped last year by 2.4%, or $11.3 trillion, to $454.4 trillion.

A trifecta of inflation, rising interest rates, and currency depreciation squeezed global wealth last year for the first time since 2008, a UBS study showed.

By the end of 2022, total global household wealth dropped by 2.4% or $11.3 trillion to $454.4 trillion. Meanwhile, average individual wealth also slumped by 3.6% or $3,198 last year.