Worldwide wealth is dropping, and fewer people are millionaires, but that wasn't really bad news for America's middle class.
The annual Global Wealth Reportis now out and for the first time since 2008, there was a decline in global wealth.
UBS noted that one key reason is the appreciation of the U.S. dollar against many other currencies. UBS economist Anthony Shorrocks noted that if you take out exchange rates, global wealth might have gone up in 2022, but said global inflation would have negated those gains.
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