US household wealth fell at least $5 trillion, and millionaires lost the most.
According to JPMorgan Chase, US household worth has dropped by at least $5 trillion this year. The biggest losers are the billionaires, whose combined wealth has plummeted by $800 billion since November. According to JPMorgan Chase, losses in personal wealth could stifle growth in the coming year.
JPMorgan Chase estimates that US family worth has dropped by at least $5 trillion this year.
Billionaires have been hit particularly hard: their combined wealth has dropped by $800 billion since November.
Domestic asset growth could outpace growth in the following year, according to JPMorgan Chase.
According to JPMorgan Chase, US family worth has decreased between $5 trillion and $8 trillion this year.
Due to massive losses in equities, funds are wiped out. The S & P 500 is down nearly 20% year-over-year, while the Nasdaq 100 is down about 30%. In the meantime, the Bloomberg Index of cryptocurrencies has lost over half of its value this year.
According to Bloomberg, the market’s greatest losers are US billionaires, whose combined fortune has risen to about $800 billion since November’s peak.
Nonetheless, JPMorgan Chase economists warned in a note Friday that the entire drop-in family net worth will translate into “a money shock that is poised to impact on growth in the coming year.” According to JPMorgan, for every dollar of financial assets that falls in value, consumer spending falls by two cents every year.
Household assets might tumble to $9 trillion in total losses during the second half of 2022, according to JPMorgan Chase economists, according to a note viewed by Insider.
According to the Bloomberg Billionaires Index, Elon Musk is the largest loser of all-time among American billionaires, having lost about 40% of his wealth from his peak in November, when his net worth reached $340 billion. The majority of Musk’s fortune is invested in Tesla stock, which has lost over half of its value since the beginning of the year. According to Bloomberg, he is currently worth around $201 billion.
Since peaking last year, Jeff Bezos, the world’s second-richest man, has lost roughly 40% of his personal worth. Bezos is now worth $131 billion, according to Bloomberg. To date, Amazon’s stock has lost nearly 37% of its value.
According to the Federal Reserve, at the end of 2021, American households and charities held around $170 trillion. More than half of the money is invested in real estate and stocks.