Although four in 10 ultra-high-net-worth individuals (UHNWIs) saw their wealth increase in 2022, the overwhelming trend was negative, according to Knight Frank in its The Wealth Report 2023, the 17th edition of this market-leading report.Its tracker indicates that wealth held by UHNWIs fell globally by 10 percent in U.S. dollar terms. That encompasses the change in residential property values (for prime market changes, commercial property values, fixed income, investments of passion and other assets.
The fall in wealth is unsurprising given the dramatic pivot in monetary policy that culminated in the worst performance for the traditional blended portfolio since the 1930s. Europe saw the largest decline in wealth with a drop of 17 percent, followed by Australasia with 11 percent and the Americas by 10 percent. Africa and Asia by comparison saw the smallest declines with 5 percent, and 7 percent, respectively.
Almost a third (32 percent) of UHNWIs’ portfolios