Global household wealth is on track for its first significant contraction since the great financial crisis of 2008, according to a report by Allianz.
After three years of record gains in the value of household financial assets, 2022 is likely to result in a nominal drop of more than 2%, researchers said in a global wealth report published Wednesday. They called this year a “turning point” for global wealth, amid scant signs that a meaningful reversal will follow.