For the First Time Since the 2008 Financial Crisis, Global Household Wealth Drops

Global household wealth declined by 2.4% last year, marking the first drop since the 2008 financial crisis and resulting in a loss of $11.3 trillion in assets. North American and European households bore the brunt of this decrease, losing $10.9 trillion. The global number of millionaires also reduced by 3.5 million, and the world’s top 1% saw their wealth share drop to 44.5%. The downturn was attributed to inflation, rising interest rates, and currency depreciation.