The number of wealthy is declining worldwide and in Switzerland – for a simple reason Britain reports record immigration figures – Sunak under pressure

Many wealthy people around the world have felt the stock market slump over the past year. The number of dollar millionaires fell both globally and in Switzerland, as did their wealth.

The number of people worldwide with investable assets of at least $1 million fell 3.3 percent to 21.7 million within a year.

According to data from the consulting firm Capgemini, the total asset value of these individuals (High Net Worth Individuals – HNWI) shrank 3.6 percent year over year to $83 trillion. This is the sharpest decline in more than a decade in both categories, according to Capgemini. “The reason was the geopolitical and macroeconomic uncertainties.”

Nearly half a million millionaires in Switzerland

In Switzerland, the total wealth of HNWIs fell by as much as 3 percent to just over $1.4 trillion in 2022, after rising in 2021. This wealth was distributed among 468,100 people, reducing the number of HNWIs in Germany by just over 2 percent.

In Europe as a whole, dollar millionaires’ assets fell at the same rate as Switzerland, with the North America region recording the sharpest drop in assets at minus 7.4 percent.

Capgemini’s World Wealth Report, released annually since 1997, includes equities, fixed income, alternative investments such as private equity, cash and real estate, provided they are not used by the company itself. Collections or consumer goods are not included.

Other analyzes confirm the trend noted by Capgemini: The insurer Allianz, which presents an annual study on the development of global financial assets, predicted the trend reversal for 2022 already in October: For 2022, due to the consequences of the war in Ukraine, including high inflation and monetary policy tightening, global financial assets are expected to decline by more than 2% – the first significant asset loss since the 2008 financial crisis. (aeg/sda/awp)