‘Richcession’ hits as 3.5 million millionaires lost their status last year

Stressed businessman, head in hands, sits before computer screen displaying stock market investments. (Credit: Getty Images)

Global wealth fell for the first time since the 2008 financial crisis last year, according to a major report.

In the 14th annual Global Wealth Report, Swiss banking giants UBS and Credit Suisse—the latter of which is now a subsidiary of the former—said $11.3 trillion of private wealth was lost in 2022, bringing the total held around the world down to $454 trillion.