For the first time since 2008, global wealth declined, falling by 2.4% in dollar terms, largely because of whipsawing currencies, UBS and Credit Suisse economists said Tuesday.
The banks’ global wealth report said Americans were hit hardest as stocks and bonds fell in value. That was partly offset by prices of houses and some other assets rising.
The result: About 1.7 million U.S. adults are no longer millionaires. Another 17,260 dropped out of the ultra-high net worth category, meaning they are no longer worth $100 million or more.
Read the full story on The Wall Street Journal here.