Total net private wealth fell 2.4 percent to $454.4 trillion in 2022, according to the «Global Wealth Report» jointly launched by UBS and Credit Suisse. Wealth per adult declined by 3.6 percent to $84,718. Financial assets contributed the most to reduced wealth alongside the appreciation of the US dollar against other currencies.

The US registered the greatest loss of wealth in 2022 followed by Japan, China, Canada, and Australia. Markets that saw the largest increase in wealth were Russia, Mexico, India, and Brazil. Per adult, Switzerland was the global wealth leader, followed by the US and Hong Kong.

Brighter Outlook

Despite the decline in wealth, which is the first occurrence since 2008, the report highlights a brighter outlook. By 2027, total global wealth is expected to rise 38 percent to $629 trillion while wealth per adult is estimated to reach $110,270. During this period, the number of high and ultra-high-net-worth individuals is forecasted to reach 86 million and 372,000 individuals, respectively.

«This year’s Global Wealth Report reveals valuable insights about the state of our economy and society, as well as the shifting meaning and potential of prosperity,» said Iqbal Khan president of Global Wealth Management at UBS. «This sweeping analysis of household wealth covers the estimated wealth holdings of 5.4 billion adults around the world and across the wealth spectrum.»