For the first time since the global crisis of 2008, which had its epicenter in the United States with the financial debacle caused by “junk” mortgages, world wealth shrank. It fell 2.4% to 454.4 trillion dollars, the first drop since the great economic and financial crisis of 2008.
The data comes from the “Global Wealth Report”, presented by UBS and Credit Suisse. The Gross Product of Argentina has been having a behavior in the form of a “saw” since the great global crisis of 2008. In 2009, the Argentine economy contracted 5.9%. Then it went up or down at levels of 2% per year, until in 2020, mainly as a result of the pandemic, it plunged 9.9%, to recover 10.4% in 2021.
In 2022, the Argentine GDP grew again, 5.2%, and this year it would fall between 2% and 3%, according to private projections.
Global wealth: the causes of why it fell
Refering to overall lowis due to the appreciation of the American dollar against many other currencies, high inflation and the decline in financial assets.
The phenomenon also indicates an effect on the reduced growth of the global economy, whose detail comes just when the Chinese economy, the second in the world, begins to show symptoms of crisis for precisely the same reason as in 2008, the granting of mortgages to people who were not in a position to honor their commitments.
The regions that registered largest losses of wealth have been North America and Europewhich together lost some 10.9 trillion dollars, while Latin America increased its wealth by barely 2.4 trillion, helped by the appreciation of their currencies against the US dollar.
The economist and author of the report, Anthony Shorrocks, explained that “at constant 2021 exchange rates, total wealth would have increased by 3.4%.” This figure, although positive, would still be the smallest rebound in wealth at exchange rates. constant since 2008.
Keeping these exchange rates constant but adding the effects of inflation to the equation, the result is a loss of real wealth of -2.6% in 2022. Interest rates are key when it comes to attending to the evolution of wealth, Shorrocks said.
The report predicts that global wealth will increase by 38% over the next five years, reaching $629 trillion by 2027.
Which are the countries with the greatest global wealth?
This fall of 2.4% represents the disappearance of 1.3 trillion dollars in global wealth. An interesting fact is that Russiaeven despite or because of the war, added 56 new dollar millionaires, which could indicate an escalation in income concentration.
Globally, the number of millionaires fell by 3.5 million, for a total of 59 million people. He economic impact he felt it richest 1% of the population, which also experienced a significant capital drop last year, Credit Suize said.
“The evolution of heritage It proved its resilience during the Covid era and grew at a record pace in 2021. But inflation, rising interest rates and currency depreciation caused a setback in 2022,” said Nannette Hechler-Fayd’herbe, director global economy and research of Credit Suisse, quoted by the Bloomberg agency.
Source: Ambito
