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World's Richest Have Lost $1.4 Trn In 2022 Amid Rapid Gains

China’s repression of technology companies and the real estate market was somewhat the cause of the catastrophe, but ironically it showed tremendous growth in the US stock market, which helped to increase cryptocurrency property values

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The affluents across the globe are in a sad sight, as the top-notch 500 wealthiest people have suffered a massive breakdown of USD 1.4 trillion in 2022. 

On Monday, they were in great anguish as they had to bear the loss of USD 206 billion alone due to the global financial market buckle and inflation anxiety. 

Last year, in 2021, the ball was in the affluents’ court where the booming market proliferated the growth of high-net-worth individuals by about 8 per cent, including 13 per cent in North America itself, as reported by the Capgemini World Wealth Report. Based on the data, Asia- Pacific increased its ranks of the rich by 4.2 per cent, leaving behind Europe and North America which had dominated the list for a decade.

China’s repression of technology companies and the real estate market was somewhat the cause of the catastrophe, but ironically it showed tremendous growth in the US stock market, which helped to increase cryptocurrency property values. However, inflation has exploded since then, prompting concerns over how steeply the Federal Reserve will raise rates. Yet, the Capgemini report exemplifies how the pandemic and monetary response have worked in favour of the economically first class people. 

The core countries like the US, Japan, China and Germany always had rich-wealthy inhabitants who account for 64 per cent of the total high- net-worth individually at the international level. The wealthy people were also witnessing the benefits.

According to the cohorts examined in the report, those with investable assets of over USD 30 million saw their wealth grow by 9.6 per cent, compared to 2020. The ones with USD 1 million to USD 5 million, who are considered the "millionaires next door," have witnessed the slowest wealth growth at 7.8 per cent. 

The report also stated that women from different sectors across the globe will take over 70 per cent of global fortunes over the next two generations. Sky-high valuations of tech companies and startups saw the seeds of wealth and gave rise to more young and rich people, including in the crypto space.

However, that rapid ascent is now threatened with a tumble as Bitcoin, Ether, and the rest of the crypto space crumble and startups discover that raising capital is about to become much tougher.


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