Global Wealth Falls For First Time Since Financial Crisis
The combined wealth of all individuals has fallen this year for the first time since the financial crisis of 2007-08, with a drop in austerity-hit Europe outweighing a small increase in China, a Credit Suisse report has found.
The study found the wealth of all individuals - defined as assets such as income, real estate, savings and investments less debt - fell 5 percent in dollar terms to $223 trillion by mid-2012 from the same time the year before.
The main driver of the decline was Europe, where wealth fell 14 percent in dollar terms. But the study also attributed the fall to economic recessions in a broader range of countries, lower equity prices and relatively subdued housing markets.