Triple shock of energy, economy and geopolitical issues caused biggest annual decline in ultra-wealth since 2010
The world’s richest people lost a combined $10tn last year as they suffered a triple shock – energy, economic and geopolitical.
had suffered a “historic shock”. “The Ukraine crisis fuelled the European energy crunch and supercharged already surging inflation,” he said. “As a result, 2022 saw one of the sharpest upward movements in global interest rates in history, leading to economic conditions that Collins English dictionary neatly dubbed the ‘permacrisis’.”
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