Well I guess now we understand why rich folks refuse to buy a Tesla unless you pay them $7.500 to do it. (Here I thought they just didn’t like the cars.)
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Worldwide, 3.5 million people lost their millionaire status last year, 55% of them in the US. That according to the latest annual “Global Wealth Report” by UBS/Credit Suisse.
via the Daily Mail:
The number of millionaires in the US dropped last year for the first time since 2008.
According to UBS and Credit Suisse’s annual global wealth report, almost 1.8 million Americans lost their millionaire status in 2022, leaving 22.7 million remaining. (5.5% drop.) . . .
Last year, global wealth also declined for the first time since the financial crisis - with household wealth dropping $11.3 trillion worldwide . . .
Some 51 percent of people who fell from millionaire status in 2022 were Americans, the report found.
Despite this, the US continues to lead the world in the number of millionaires - accounting for 38.2 percent of the global total.
The story continues:
Last year’s declines in overall wealth were concentrated among the richest people in the wealthiest countries, UBS said, with wealth decline also seen in Australia, Canada, China, Japan and the UK.
Americans on average, however, lost around $27,700 last year, the report found.
Looks like the K-shaped recovery may be a little less K-shaped than I thought.
