Global Wealth Report 2023: exploring the fall in global household wealth
28.08.2023
For the first time since 2008, global household wealth in US dollar terms decreased on aggregate as well as on a per adult basis, both in nominal and real terms. Wealth per adult also recorded the second-largest reduction since 2000.
The 3.4% household wealth growth in 2022 was the lowest rate recorded in any year this century apart from 2008. It was also the only year this century, other than 2008, in which the total value of household financial assets declined even when exchange rate changes are discounted. The key contributors to this situation were the reduced value of financial assets, a stronger US dollar and elevated inflation.
The number of US dollar millionaires worldwide fell by 3.5 million during 2022 to total 59.4 million at year-end. This number includes 4.4 million "inflation millionaires1" who would no longer qualify if the millionaire threshold were adjusted for inflation during 2022.
The ultra-high-net-worth (UHNW) group with wealth above USD 50 million had 22,490 fewer members by our estimate.
The data shows that the rise in wealth inequality during the pandemic was reversed in 2022. This reduction can be traced to the relative decline in financial wealth during 2022. Over the longer term, global wealth inequality has fallen this century due to the faster growth achieved in emerging markets. Global median wealth has risen in tandem at roughly twice the pace of mean wealth.
About the Report
This year's Global Wealth Report was prepared jointly by UBS and Credit Suisse for the first time. Over the years, the report has explored a wide range of macro and micro themes around the development of wealth. Now in its fourteenth edition, the Global Wealth Report covers estimates of the wealth holdings of 5.4 billion adults around the world and across the wealth spectrum.
More information: Global Wealth Report 2023 | UBS Global