Global household wealth — basically, total assets — declined in 2022. That’s according to a new report from UBS, the Swiss financial giant. At the same time, global wealth inequality also fell.
Global wealth data gives us a sense of where wealth is concentrated.
“The gaps are so enormous that for the same person having such different experiences in life is difficult to defend,” said Branko Milanovic, an economist at the City University of New York.
But the biggest reason is global wealth’s decline. People at the top lost money in the stock market, noted Adam Hollowell at Duke’s Center on Social Equity.
“Financial assets in North America depreciated significantly in 2022,” he said. “That doesn’t mean that the material circumstances of the global poor have changed.”