The financial impact of COVID-19 could see wealthy individuals’ fortunes fall by 4 percent this year, ending a decade of consistent annual growth, reported Forbes, citing a report co-written by Morgan Stanley and Oliver Wyman.
The economic effects of the pandemic will be lasting, with future growth rates sluggish in each of the three future scenarios the report envisages.
In the most optimistic case, a stronger short-term recovery in asset prices would see high-net-worth wealth actually close out 2020 with a marginal 0.9 percent increase to $80 trillion.
