NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

World's Richest Have Lost $1.4 Trillion In 2022 After Rapid Gains

World's Richest Have Lost $1.4 Trillion In 2022 After Rapid Gains

Even among the world's high-net-worth individuals, the very rich saw the most benefits.

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.

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.

ldpfhhr

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 seige 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.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Останні новини
Russians fire Smerch MLRS at Kramatorsk

Russians fire Smerch MLRS at Kramatorsk

For the second day in a row, Russian troops have been shelling Kramatorsk, Donetsk region, using Smerch multiple launch rocket system (MLRS).

UkrInform

Love triangle fugitive arrested

Love triangle fugitive arrested

A woman accused of murdering a professional cyclist has been captured in Costa Rica after 43 days on the run. ABC News’ Andrea Fujii reports on how she was tracked down.

1

Supreme Court in the spotlight

Supreme Court in the spotlight

As the High Court wraps up its historic term, ABC News’ Faith Abubey looks at what’s in store for next year’s term that could change how elections are held.

1

July 4th travel chaos

July 4th travel chaos

Airlines have canceled or delayed thousands of flights ahead of the holiday. ABC News’ Mona Kosar Abdi reports on what could complicate things this weekend.

1

‘Retirement House’ stars go viral

‘Retirement House’ stars go viral

ABC News’ Will Ganss has more on the fun-loving seniors amassing nearly four million followers on TikTok.

Ukraine Blames Russia For Deadly Missile Strike On Residential Area In Odesa Region.

Ukraine Blames Russia For Deadly Missile Strike On Residential Area In Odesa Region.

Russian missile attacks on residential areas near the Ukrainian port city of Odesa early Friday killed at least 19 people, authorities reported. » Subscribe to NBC News: » Watch more NBC video: NBC News Digital is a collection of innovative and po...

Supreme Court to hear case with major implications for voting rights.

Supreme Court to hear case with major implications for voting rights.

The Supreme Court agreed to hear a dispute over redistricting in North Carolina, a case that could have major implications for voting rights across the country and fundamentally change the landscape of election law. CNN’s Laura Jarrett and Jeffrey...