Wealth drops for the rich but opportunities ahead
UK-based global real estate company Frank Knight’s 2023 Wealth Report shows the wealth held by ultra-high-net worth individuals (UHNWIs) around the globe dropped by US$10.1 trillion last year.
The wealth drop sprang from a triumvirate of shocks – energy, economic and geopolitical. Exchange rates also had a significant impact.
A third of UHNWIs total wealth is in residential property, just over a quarter in equities and 21% in commercial property.
A UHNWI is someone with a net worth of US$30 million or more, including their primary residence.
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