The number of millionaires in the US fell last year for the first time since 2008.
According to UBS and Credit Suisse annual global wealth reportnearly 1.8 million Americans lost their millionaire status in 2022, leaving 22.7 million.
Another 17,260 U.S. adults fell out of the very high wealth category, the report found, meaning they were no longer worth $100 million or more.
Last year, global wealth also fell for the first time since the financial crisis – global household wealth fell by $11.3 trillion – some 2.4 percent. UBS said global wealth has fallen due to high inflation and the collapse of many currencies against the dollar.
However, wealthy Americans were hit hardest, with $5.9 trillion in losses, while stocks and bonds were battered, in stark contrast to the $15.9 trillion in gains the year before.
Nearly 1.8 million Americans lost their millionaire status in 2022, according to UBS and Credit Suisse’s annual global wealth report
Last year, global wealth also fell for the first time since the financial crisis – with global household wealth falling by $11.3 trillion
About 51 percent of people who lost millionaire status in 2022 were Americans, the report found.
Despite this, the US still remains the world leader in the number of millionaires – accounting for 38.2 percent of the global total.
Last year’s drop in total wealth was concentrated among the richest people in the richest countries, UBS said, and the drop in wealth was also seen in Australia, Canada, China, Japan and the UK.
Americans lost an average of about $27,700 last year, the report found.
Record wealth growth in 2021, fueled in part by strong equity markets, resulted in large asset gains in many markets.
‘Stock market losses in 2022 often – at least partially – offset the gains made a year earlier.’
Last year’s drop in total wealth was concentrated among the richest people in the richest countries, UBS said, and the drop in wealth was also seen in Australia, Canada, China and Japan
A separate survey found that a quarter of wealthy Americans describe themselves as “very poor” or “poor” – despite making more than $175,000.
Salary should be enough to put workers in the top 10 percent of U.S. tax returns, but 25 percent said they felt they were “just about there.”
And half described themselves as just “comfortable” rather than “wealthy” or “very wealthy,” according to Bloomberg who investigated 1,000 Americans earn the salary.
The findings expose the impact of inflation and higher interest rates on the nation’s wealthiest.
Inflation in the US rose to 3.2 percent year on year – a slight increase in July from The annual increase of 3 percent in June – and the cost of many essential expenses, including cars, rent and groceries, remains stubbornly high.
A Bloomberg survey found that a quarter of wealthy Americans describe themselves as “very poor” or “poor” — despite earning more than $175,000
A quarter of wealthy Americans describe themselves as “very poor” or “poor,” a new survey finds
More than half of respondents said they worry about money, while 25 percent said they don’t think they will be better off financially than their parents.
The survey found that many wealthy Americans had also considered moving to other parts of the country — to join the pandemic exodus from expensive cities to areas with a more affordable cost of living and lower taxes.
The median annual income in the US is $75,203, according to Census Bureau data.
However, Bloomberg found that more than half of respondents with a net worth of $500,000 felt they were “getting by,” and even some millionaires still described themselves as “poor.”
Meanwhile, some Americans with a net worth of more than $5 million still described themselves as “very poor,” “poor,” or “getting by.”