GENEVA: The total private wealth of the United States decreased by $5.9 trillion in 2022, while Russia ended the year with an increase of ...
GENEVA: The total private wealth of the United States decreased by $5.9 trillion in 2022, while Russia ended the year with an increase of $600 billion. The number of dollar millionaires in Russia increased from 351,000 to 408,000 last year, according to a report by the Swiss bank UBS.
Globally, "total net private wealth fell by $11.3 trillion (-2.4%) to $ 454.4 trillion at the end of 2022," the report states.
"Much of this decline comes from the appreciation of the US dollar against many other currencies," the bank says.
According to the report, "financial assets contributed most to wealth declines in 2022."
The United States, which lost $5.9 trillion in 2022, tops the list of wealth declines.
Losses of $1 trillion and more were recorded in Japan (-$2.5 trillion), China (-$1.5 trillion), Canada (- $1.2 trillion) and Australia (-$1 trillion).
However, at the end of the year, growth in wealth was noted in Russia (+$600 billion), Mexico (+$655 billion), India (+$675 billion) and Brazil (+$1.1 trillion).
UBS estimates that there were 59.4 mln dollar millionaires in the world at the end of last year, down 3.5 mln from a year earlier.
Significant declines were registered primarily in the US (-1.8 mln), Japan (-466,000), the UK (-439,000), Australia (-363,000), Canada (-299,000) and Germany (-253,000).
On the contrary, the number of millionaires has grown in Russia - from 351,000 to 408,000, Brazil - from 293,000 to 413,000, Iran - from 142,000 to 246,000, Mexico - from 323,000 to 393,000 and Norway - from 247,000 to 352,000.
Average wealth level
In terms of wealth per adult Switzerland continues to top the list ($685,230 per adult resident), according to UBS. The United States ranks second ($551,350).
They are followed by Hong Kong ($551,190), Australia ($496,820) and Denmark ($409,950).
The report says that countries with a high level of wealth per adult (more than $100,000) are concentrated primarily in North America and Western Europe. China and Russia are included in the "intermediate" group of countries - with an average level of well-being in the range of $25,000 up to $100,000. This group also includes countries that have recently joined the European Union and a number of states in Latin America, the Middle East, and East Asia.
Densely populated countries such as India, Indonesia and the Philippines, as well as most of South America and many coastal African countries form a group of states with the average wealth ranging from $5,000 to $25,000.
Rapidly developing Asian countries such as Cambodia, Laos, and Vietnam are also included in this category. Central African countries prevail in a group of states with average wealth below $5,000, UBS sums up.
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