Global household wealth fell last year for the first time since the financial crisis in 2008, as inflation and the appreciation of the US dollar wiped some $11.3 trillion off assets.

Total net private wealth across the world decreased by 2.4 percent to a total of $454.4 trillion, according to Credit Suisse’s annual global wealth report. The bulk of the decline was felt in North American and European households, which lost a combined $10.9 trillion.

Not all regions suffered a hit to wealth. Despite the impact of sanctions, Russia recorded a large wealth increase during the year, adding 56 millionaires, according to the report.

Latin America saw a wealth increase of $2.4 trillion, helped by an average 6 pervent currency appreciation against the US dollar, according to the report. The research covered the estimated holdings of 5.4 billion adults around the world and across the wealth spectrum.

Norway, Singapore and the United Arab Emirates led the wealth gains per adult in 2022, while Sweden, New Zealand, Australia and Canada posted the largest declines. (Bloomberg)