In 2022, North Americans saw a total wealth decrease of 4.5 percent, with wealth per adult dropping 5.3 percent. The report attributes this, in part, to a rise in Americans’ and Canadians’ disposable income during the COVID-19 pandemic. The drawdown of these “excess savings” added $100 billion per month to U.S. spending in 2022, slowing wealth accumulation. Plus, Americans’ gross assets fell 3 percent over the course of the year, while their debt rose 5.5 percent.
Financial favor primarily swung from the rich; over the course of the year, 1.77 million Americans lost millionaire status. Another 17,260 fell from the “ultra-high-net-worth” bracket, which encompasses those with net worth over $100 million.
In the U.S., white Americans took the brunt of the fall; Black Americans’ wealth remained steady, while Hispanics’ saw a 9.5 percent increase. Thus, overall wealth inequality dropped, according to the report.
However, the report projects global wealth will take an upswing, forecasting a 38 percent increase over the next five years. It also anticipates the U.S. will see a 16 percent rise in millionaires by 2027.
