The triumvirate of 2022 shocks – energy, economic and geopolitical – bring substantial change to the world of the wealthy.
The total wealth held by ultra-high net worth (UHNWIs) in Asia saw a seven percent decline in 2022, according to Knight Frank's 2023 Wealth Report.
Still, Asia recorded the second-lowest decline in wealth after Africa, which fell by five percent last year.
The largest decline was posted by European UHNWIs, who experienced a 17 percent drop, followed by Australasia with an 11 percent decline, and the Americas, off by 10 percent.
Global Decline
Globally, total wealth was $13.8 trillion, a 13.6 percent decline from a year earlier year.
«The fall in wealth is unsurprising given the dramatic pivot in monetary policy that culminated in the worst performance for the traditional blended portfolio since the 1930s,» the report said.
Nevertheless, four in ten UHNWIs saw their wealth increase in 2022. However, many are optimistic about this year, with 69 percent of those surveyed in the report expecting wealth to increase.
