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After losing 10% of assets in 2022, the ultra-rich expect brighter 2023


The world’s ultra-rich are expecting a brighter outlook this year as they seek to recover losses in 2022. The study by London-based property consultants Knight Frank showed that 69% of wealthy investors expected growth in their portfolio this year. In 2022, Knight Frank said the world’s ultra-richest people saw their fortunes shrink by 10% due to the war in Ukraine. The study examined the fortunes of what it calls ultra-high-net-worth individuals (UHNWIs): people with a net worth of at least USD30m. The report said that challenging markets meant the majority of UHNWIs saw their wealth decline last year, with their collective wealth falling by 10%, the equivalent of USD10.1tr. Europe’s ultra-rich were hit hardest, with a 17% drop in fortunes there, followed by Australia at 11% and the Americas by 10%.

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