2023全球财富报告（英）-2023

Global

WealthReport

2023LeadingperspectivestonavigatethefutureTable

of

contents04

09

21IntroductionGlobal

wealth

levels

2022Global

wealth

distribution

202211

Trends

inwealthperadult12

Anoverviewof202221

Distributionofwealthacrossindividuals0723

Wealth

distribution

by

region24

Trends

inmedianwealth13

Assetpricesandexchangerates14

Biggestgainsandlosses25

Trends

inmedianwealthamongmarketsby

region14

Wealthperadult26

Trends

inmedianwealthforExecutive

summaryacrosscountriesindividualmarkets16

Wealthoutcomesfor27

High-net-worthindividualspopulationsubgroupsby

market16

Theimpactacrossgenerations17

Wealth

differences

by

race18

Thewealthofwomen28

Millionairetrends28

The

impact

of

inflation

onmillionairenumbers31

Ultra-high-net-worth18

Householdwealthintimesindividualsof

emergency31

Wealth

inequality19

Notesonconceptsandmethods33

Wealth

inequalitywithinmarkets34

Wealth

inequality

fromaglobalperspective36

SummaryAbout

the

Credit

Suisse

Research

Institute

(CSRI)The

Credit

Suisse

Research

Institute

(CSRI)

is

Credit

Suisse's

in-house

think

tank.

It

was

established

in

the

of

the

2008

financial

crisis

withthe

objective

of

studying

long-term

economic

developments,

which

have

–

or

promise

to

have

–

a

global

impact

within

and

beyond

the

financialservices

industry.

The

Institute

builds

on

unique

proprietary

data

and

internal

research

expertise

from

across

the

bank

and

in

collaboration

withleading

external

specialists.

Its

flagship

publications,

such

as

the

Global

Wealth

Report,

regularly

attract

more

than

100,000

readers

online,generatinghighpresscoverageandoverthreemillionimpressionsonsocialmedia.FurtherinformationabouttheCreditSuisseResearchInstitutecanbefoundat/researchinstitute.Credit

Suisse

AG,

a

UBS

Group

company2GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompany38

45

69Wealth

outlookMarket

experiencesAbout

the

authors38

Theglobalpicture46

CanadaandtheUnitedStates48

ChinaandIndia39

Wealthprospectsfor70middle-incomecountries50

Franceandthe40

LeapfroggingUnitedKingdom40

Thecomponentsofwealth52

Austria,

Germany

andSwitzerland41

Wealthdistributioninthe

21st

century54

Denmark,

Finland,

NorwayGeneral

disclaimer/andSweden41

Trends

inmillionairesimportant

informationandUHNWIs56

Japan,

Korea,

SingaporeandTaiwan43

Methodology58

AustraliaandNewZealand60

NigeriaandSouthAfrica62

Brazil,

Chile

and

Mexico64

Greece,

Italy

and

Spain66

SaudiArabiaandtheUnitedArabEmiratesEditorialdeadline:15June2023EditingTXTResourcesProject

managementStephanieLüdinFor

more

information,

contact:Nannette

Hechler-Fayd’herbeChief

Investment

Officer

for

the

EMEA

region

and

Global

Head

of

Economics

and

Research,

Credit

Suissenannette.hechler-fayd’herbe@Richard

KersleyManaging

Director,

EMEA

Securities

Research

and

Head

of

Global

Product

Management,

Credit

Suisserichard.kersley@GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompany3IntroductionIqbal

KhanPresident,

UBS

Global

Wealth

ManagementNow

in

its

fourteenth

edition,

the

Global

Wealth

Reportexplores

how

wealth

is

created,

how

it

varies

acrossregions

globally,

and

how

it

transforms,

evolves,

and

migratesacrossgenerations.As

the

world’s

largest

truly

global

wealth

manager,

present

inevery

major

market,

we

are

uniquely

positioned

to

draw

onknowledgeandinsightsfrom

acrossourwealthmanagementbusiness.

This

year’s

report

covers

the

estimated

wealthholdingsof5.4billionadultsaroundtheworldandacrossthewealthspectrum.Itisthemostcomprehensiveandup-to-datesourceofinformationavailableonglobalhouseholdwealthanywhere

in

the

world.This

2023

edition

is

brought

to

you

jointly

by

Credit

Suisseand

UBS

for

the

first

time.

By

bringing

our

two

bankstogether,

we

have

created

an

organization

stronger

than

everbefore,

even

better

positioned

to

deliver

leading

expertiseand

insights

–

such

as

the

ones

you’ll

find

in

this

report

–

toevenmore

clients.ThisGlobalWealthReportrevealsvaluableinsightsaboutthestate

of

our

economy

and

society,

as

well

as

the

shiingmeaning

and

potential

of

prosperity.

This

sweeping

analysis

ofhousehold

wealth

looks

to

future

trends,

helping

us

to

frameexpectations,

understand

the

ever-changing

nature

of

wealthcreation,

and

better

conceive

of

the

power

of

wealth

tobroadly

benefit

our

society.Over

the

years,

the

Global

Wealth

Report

has

explored

a

widerangeofmacroandmicrothemessurroundingthedevelopment

of

wealth.

We’re

proud

to

add

this

influentialannual

study

with

its

long

legacy

to

UBS’s

portfolio

ofrespected

and

equally

long-running

flagship

reports

includingthe

UBS

Billionaires

Report,

the

UBS

Global

Family

OfficeReport,

and

many

others.Today,

UBS

is

stronger

than

ever

and

our

clients

can

feel

evenmore

secure

and

even

better

served

by

our

combined

team.We’re

proud

that

no

other

wealth

manager

can

offer

thesame

depth

and

breadth

of

knowledge

and

experience,

all

forour

clients’

benefit.

The

2023

Global

Wealth

Report

is

proofofthatconviction.At

UBS,

wealth

management

isn’t

just

one

thing

we

do,

it’swhoweare.

Wealthmanagementisapeoplebusinessandadeep

understanding

of

our

clients,

their

personalcircumstances

and

aspirations,

and

the

world

around

them

liesat

its

heart.

This

report

–

alongside

our

others

and

ouraward-winning

Chief

Investment

Office

insights

–

gives

ourclients

unmatched

intelligence

to

help

inform

their

financialdecisions,

be

they

personal

or

business-related.4GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompanyPaul

DonovanChiefEconomistUBSGlobalWealthManagementThe

global

economy

is

experiencing

a

period

of

astonishingeconomicalteration.Thesweepingchangesofthefourthindustrialrevolution

represent

themostdramaticstructuralupheaval

in

two

hundred

and

years.

Revolutions,

it

turnsout,

are

revolutionary

–

social

as

well

as

economicTo

mobilize

global

private

wealth

we

must

first

understandwhere

that

wealth

is,

how

it

is

created,

and

what

policiesmightriskitsdestruction.Theinsightsshared

inthisreporthelpustodeepenthisunderstandingandI

wouldliketothank

my

colleagues

at

the

Credit

Suisse

Research

Institute,Nannette

Hechler-Fayd’herbe

and

Richard

Kersley,

as

well

asthe

report

authors:

Professors

Anthony

Shorrocks,

RodrigoLluberas,

James

Davies,

and

Daniel

Waldenström

who

madethiseditionpossible.relationships

will

be

challenged

by

this

process.At

the

same

time,

the

economic

needs

of

humanity

haveevolvedfrom

thecrudepursuitofmaterialpossessionsrepresented

by

output

economics.

Society

today

hasadvanced

to

impact

economics,

adding

broader

demands

fora

sustainableandmore

equitablefuture

toourtraditionalmaterialdemands.Wealth

needs

to

work

for

a

better

future,

and

the

GlobalWealth

Report

represents

the

starting

point

in

analyzing

howthatcanhappen.Properly

mobilizing

private

wealth

is

critical

in

this

period

ofchange.

Whether

as

a

source

of

investment

or

philanthropy,privatewealthwillshapetheopportunitiesthatare

presentedby

technological

change.

It

is

private

wealth

that

will

lead

thefunding

needed

to

create

diverse,

sustainable

societies.GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompany56GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompanyExecutive

summaryNannette

Hechler-Fayd’herbeChief

Investment

Officer

for

the

EMEAregionandGlobalHeadofEconomicsand

Research,

Credit

SuisseRichard

KersleyManaging

Director,

EMEA

SecuritiesResearch,

and

Head

of

Global

ProductManagement,

Credit

SuisseGlobal

wealth

declines

for

the

first

time

since

2008The2023editionoftheCredit

SuisseGlobalWealth

Reportreflects

on

a

year

that

has

delivered

a

significant

setback

inwhathadbeena

consistentuptrend

intheaccumulationofwealth

in

the

household

sector.

2022

recorded

the

first

fallin

net

global

household

wealth

since

the

global

financial

crisisof

2008.In

terms

of

wealth

per

adult,

Switzerland

continues

to

top

thelist

followed

by

the

USA,

Hong

Kong

SAR,

Australia

andDenmarkdespitesizeablereductionsinmeanwealthversus2021.

Ranking

markets

by

median

wealth

results

in

a

differentlist,

with

Belgium

in

the

lead

followed

by

Australia,

HongKong

SAR,

New

Zealand

and

Denmark.When

looked

at

in

demographic

terms,

Generation

X

andMillennials

continued

to

do

relatively

well

in

2022

in

theUSAandCanadabutwere

notimmunetotheoverallwealthreduction.

Broken

down

by

race,

non-Hispanic

Caucasiansin

the

USA

saw

their

wealth

decrease

in

2022,

while

African-Americans

were

almost

unscathed

by

the

downturn.In

contrast,

Hispanics

achieved

9.5%

growth

in

2022,

owingtotheirgreaterholdingsofhousingassetscomparedtofinancial

assets.Measured

in

current

nominal

USD,

total

net

private

wealth

fellby

USD

11.3

trillion

(–2.4%)

to

USD

454.4

trillion

at

the

end

ofthe

year.

Wealth

per

adult

also

declined

by

USD

3,198

(–3.6%)to

reach

USD

84,718

per

adult

at

end-2022.

Much

of

thisdeclinecomesfromtheappreciationoftheUSdollaragainstmany

other

currencies.

If

exchange

rates

are

held

constant

at2021

rates,

then

total

wealth

increased

by

3.4%

and

wealthper

adult

by

2.2%

during

2022.

This

is

still

the

slowest

increaseof

wealth

at

constant

exchange

rates

since

2008.

Keepingexchange

rates

constant

but

counting

the

effects

of

inflationresults

in

a

real

wealth

loss

of

–2.6%

in

2022.Reduction

in

wealth

inequalitiesAlong

with

the

decline

in

aggregate

wealth,

overall

wealthinequality

also

fell

in

2022,

with

the

wealth

share

of

the

globaltop

1%

falling

to

44.5%.

The

number

of

USD

millionairesworldwide

fell

by

3.5

million

during

2022

to

59.4

million

peoplebefore

taking

into

account

4.4

million

“inflation

millionaires”who

would

no

longer

qualify

if

the

millionaire

threshold

wereadjusted

for

inflation

in

2022.

Global

median

wealth,

arguablya

more

meaningful

indicator

of

how

the

typical

person

is

faring,did

in

fact

rise

by

3%

in

2022

in

contrast

to

the

3.6%

fall

inwealth

per

adult.

For

the

world

as

a

whole,

median

wealthhas

increased

five-fold

this

century

at

roughly

double

the

paceof

wealth

per

adult,

largely

due

to

the

rapid

wealth

growthinChina.A

more

detailed

examination

shows

that

financial

assetscontributedmosttowealthdeclinesin2022whilenon-financial

assets

(mostly

real

estate)

stayed

resilient,

despiterapidly

rising

interest

rates.

But

the

relative

contributions

offinancial

and

non-financial

assets

may

reverse

in

2023

ifhousepricesdeclineinresponse

tohigherinterest

rates.Regional

and

demographic

themesRegionally,

the

loss

of

global

wealth

was

heavily

concentratedin

wealthier

regions

such

as

North

America

and

Europe,

whichtogether

shed

USD

10.9

trillion.

Asia

Pacific

recorded

lossesof

USD

2.1

trillion,

while

Latin

America

is

the

outlier

with

atotal

wealth

increase

of

USD

2.4

trillion,

helped

by

an

average6%

currency

appreciation

against

the

US

dollar.

Heading

thelist

of

losses

in

country

terms

in

2022

is

the

United

States,followed

by

Japan,

China,

Canada

and

Australia.

The

largestwealth

increases

at

the

other

end

were

recorded

for

Russia,Mexico,

India

and

Brazil.A

brighter

outlookAccording

to

our

projections,

global

wealth

will

rise

by

38%over

the

next

five

years,

reaching

USD

629

trillion

by

2027.Growth

by

middle-income

countries

will

be

the

primary

driverofglobaltrends.

We

estimatewealthperadulttoreachUSD

110,270

in

2027

and

the

number

of

millionaires

to

reach86

million

while

the

number

of

ultra-high-net-worth

individuals(UHNWIs)

is

likely

to

rise

to

372,000

individuals.GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompany78GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompanyGlobalwealthlevels2022Anthony

Shorrocks

and

James

DaviesThe

fourteenth

edition

of

the

Credit

Suisse

Global

Wealth

Report

presented

this

yearfor

the

first

time

in

collaboration

with

UBS

continues

our

aim

of

providing

the

mostcomprehensiveavailableinformationonglobalhouseholdwealth.Wealth

evolutionproved

resilient

duringtheCOVID-19eraandgrew

ata

record

paceduring2021.But

inflation,

rising

interest

rates

and

currency

depreciation

caused

a

reversal

in2022.

Measured

in

nominal

US

dollars,

global

wealth

fell

2.4%

to

USD

454.4

trillion,while

wealth

per

adult

dropped

3.6%

to

USD

84,718.

These

losses

can

be

attributedto

the

appreciation

of

the

US

dollar,

which

caused

global

wealth

to

decline

by5.8%.

But

this

was

offset

by

inflation,

which

raised

nominal

USD

values

by

a

similaramount.

Expressed

in

terms

of

real

US

dollars

at

fixed

exchange

rates,

lower

financialasset

valuations

caused

total

global

wealth

to

fall

by

2.6%

in

2022

and

wealth

peradult

to

fall

by

3.8%.The

evolution

of

household

wealth

during

the

past

few

yearshas

been

unusual

in

several

respects.

During

the

first

phaseof

the

COVID-19

pandemic

in

2020,

household

wealth

provedhighly

resilient

to

the

economic

setbacks

experienced

through-out

the

world.

The

financial

support

given

to

households

bycentral

government

in

many

advanced

countries,

coupled

withlowerinterestratesandlimitationsonconsumptionopportu-nities,

raised

household

savings

and

led

to

widespreadincreases

inshare

pricesandhouseprices.Theresult

wasasignificant

rise

in

household

wealth

in

many

countries.

In2021,

these

trends

were

reinforced

as

macroeconomic

activityrecoveredinalow-interestenvironment.Thisproducedexceptionally

advantageous

conditions

for

household

wealthgrowth,

resulting

in

the

most

rapid

rise

in

household

wealthrecorded.current

nominal

US

dollars,

total

global

household

wealth

fellby

USD

11.3

trillion,

or

2.4%,

to

end

the

year

at

USD

454.4trillion.

This

is

the

first

decline

in

household

wealth

since

theglobal

financial

crisis

in

2008,

and

the

second-largest

reductionthis

century

in

terms

of

either

absolute

dollar

amounts

or

thepercentage

change.Wealth

peradultalsorecorded

thesecond-largest

reduction

since

2000,

dropping

USD

3,198

toreach

USD

84,718

per

adult

at

end-2022,

a

fall

of

3.6%.Whilethisoutcomerepresentsabreakinthealmostuninter-rupted

expansion

of

household

wealth

this

century,

it

is

less

ofa

departure

than

it

may

appear

at

first

sight.

Further

examina-tion

reveals

that

wealth

losses

are

heavily

concentrated

amongthe

richer

nations

in

Europe,

North

America

and

Asia-Pacific,and

affect

financial

assets

much

more

than

non-financialassets.

Depreciation

against

the

US

dollar

also

plays

a

signifi-cantrole

indeterminingtheextentofthemeasuredlosses.Indeed,

depreciating

currencies

account

for

the

total

loss

inaggregatewealth.Ifexchangeratesare

heldconstantat2021rates,

then

total

wealth

increased

by

3.4%

during

2022

andwealth

per

adult

grew

by

2.2%.This

combination

of

favorable

conditions

was

unlikely

to

last.The

Russia-Ukraine

war,

alongside

other

factors,

causedinflation

to

increase

rapidly

in

2022.

This

prompted

rises

ininterest

rates,

which

hampered

economic

growth,

depressedassetpricesandcontributedtoawidespreaddepreciationof

currencies

against

the

US

dollar.

As

a

result,

measured

inGlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompany9Figure

1:

Annual

change

in

total

global

household

wealth

and

its

components

using

smoothed

exchange

rates

(%),

2001–2214121086420-2-4-601020304050607080910111213141516171819202122Financial

wealthNon-financial

wealthDebtNet

worthSource:

James

Davies,

Rodrigo

Lluberas

and

Anthony

Shorrocks,

Global

Wealth

Databook

2023Figure

2:

Annual

change

in

real

global

household

wealth

and

its

components

using

smoothed

exchange

rates

(%),

2001–22121086420-2-4-6-801020304050607080910111213141516171819202122Financial

wealthNon-financialwealthDebtNet

worthSource:

James

Davies,

Rodrigo

Lluberas

and

Anthony

Shorrocks,

Global

Wealth

Databook

202310GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompanyTrends

in

wealth

per

adultMorenotableistheimpactlastyear,

when

inflation

reducedwealth

growth

by

6.0%,

turninga

nominal

wealth

gain

of

3.4%in2022intoarealwealthlossof

2.6%DepreciationagainsttheUSdollarwasalsoevidentin2021and

several

other

years

since

the

financial

crisis,

whileappreciating

currencies

were

the

norm

in

the

early

years

of

thecentury.

So,

to

compare

annual

wealth

growth

rates

thiscentury,

Figure

1

usessmoothedexchangerates(with2021as

the

reference

year)

to

minimize

the

impact

of

year-on-yearexchangeratemovements.The

overall

pattern

indicates

fairly

steady

growth

in

totalglobal

household

wealth,

averaging

6.6%

per

year,

withminorvariationsassociatedwithsharepriceandhousepricechanges.Thesinglemajordeparturefrom

thepatternofgrowth

is

the

dip

in

2008

linked

to

the

collapse

of

assetprices

during

the

global

financial

crisis.

The

outcome

last

yearrepresents

a

sizable

decline

in

growth

compared

to

2021,which

the

graph

confirms

as

the

record

year

this

century,surpassing

even

the

“golden

years”

between

2003

and

2006.At

the

same

time,

2022

does

not

come

close

to

repeatingthe

negative

growth

experienced

in

2008

once

exchange

ratechanges

are

discounted.

Nevertheless,

the

3.4%

growth

in2022

is

the

lowest

rate

recorded

in

any

year

this

century

apartfrom

2008.

It

is

also

the

only

year

this

century,

other

than2008,

in

which

the

total

value

of

household

financial

assetsdeclinedevenwhenexchangeratechangesare

discounted.As

inflation

has

risen

in

recent

years,

so

has

the

impact

onmeasured

wealth

growth.

Taking

inflation

into

accountreduces

the

rise

in

2021

from

13.5%

to

9.2%,

although

itremains

the

peak

year

for

growth

this

century.

More

notableis

the

impact

last

year,

when

inflation

reduced

wealthgrowth

by

6.0%,

turning

a

nominal

wealth

gain

of

3.4%

in2022

into

a

real

wealth

loss

of

2.6%.

This

is

the

only

realwealth

decline

this

century,

apart

from

2008,

and

the

lossesin

the

two

years

have

many

similarities.

Inflation

reducesdebt

growth

to

roughly

zero

in

both

years

and

increasesthe

(negative)

contribution

of

the

reduced

value

of

financialassets

to

–4.6%

in

2022

compared

to

–5.7%

in

2008.The

core

difference

between

2022

and

2008

is

thereforegrowth

of

non-financial

assets,

which

accounted

for

aboutone-quarter

of

the

real

wealth

loss

in

2008,

but

still

madea

positive

contribution

in

2022,

at

least

as

far

as

theavailable

evidence

indicates.

In

many

countries,

however,thedeclineinhousepricesduetorisinginterestrateswasnot

felt

until

the

second

half

of

2022.

As

a

consequence,they

may

not

yet

have

been

fully

taken

into

account

in

thehouseholdbalancesheetsanditispossiblethatfuturerevisions

to

household

balance

sheets

will

reduce,

or

evenreverse,

the

positive

growth

recorded

for

non-financialassetsin2022.Theoverallpatternindicatesfairly

steady

growth

in

total

globalhousehold

wealth,

averaging6.6%

per

year,

with

minorvariationsassociatedwithsharepriceandhousepricechangesWhile

inflation

has

eroded

the

real

value

of

wealth

this

century(and

made

it

easier

for

adults

to

become

dollar

millionaires),it

has

not

greatly

distorted

the

year-on-year

wealth

growthcomparison,

at

least

not

until

recently.

Figure

2

presentsa

similarseriesto

Figure

1,

again

using

smoothed

exchangerates,

but

this

time

converted

into

real

wealth

values

usingthe

household

consumption

deflator

for

each

country.

For

mostof

the

period,

inflation

reduces

wealth

growth

by

1–2percentage

points,

in

line

with

the

inflation

target

of

manycentralbanks.Hencetheoverallpatternremains

similar.However,

inflation

considerably

reduces

the

year-on-yeargrowth

in

debt.

Inflation

also

reinforces

the

wealth

decline

in2008,

raising

the

loss

from

–4.3%

to

–7.2%,

with

bothfinancial

and

non-financial

assets

now

contributing

to

theoverallreduction.GlobalWealthReport2023

|

CreditSuisseAG,aUBSGroupcompany11Table

1:

Change

in

household

wealth

in

2022,

by

regionTotalwealthChange

in

totalwealthWealth

perChangeChange

in

Change

in

non-

Change

in

debtfinancial

assets

financial

assetsadult

in

wealthper

adultUSD

bn5,909USD

bn%1.5USD8,345%–1.3–4.0–2.2–3.42.8USD

bn57%2.1USD

bn36%1.01.0USD

bn8%1.9Africa85–2,070–1,462–3,703675Asia-PacificChina77,97484,485104,41015,36515,071151,170454,385–2.6–1.7–3.44.661,15475,731177,17916,50032,760531,82684,718–2,931–116–6.5–0.3–10.41.0476–385–285–48038–3.6–2.8–3.23.0–1,632

–3.1Europe–5,736341,5522.35.4India679LatinAmericaNorthAmericaWorld2,35918.6–4.5–2.416.9–5.3–3.681912.9–9.0–6.81,745

22.72049656515.14.9–7,166–11,281–11,226–19,0995,0259.57,8823.20.1Source:

James

Davies,

Rodrigo

Lluberas

and

Anthony

Shorrocks,

Global

Wealth

Databook

2023An

overview

of

2022Financialassetshaveaccountedformostoftheincrease

intotal

wealth

since

the

financial

crisis.

However,

share

pricesdeclined

almost

everywhere

in

2022

causing

total

financialwealth

to

decline

by

USD

19

trillion,

or

6.8%.

This

contrastswith

a

rise

of

USD

7.9

trillion

in

non-financial

assets,

perhapsreflecting

the

fact

that

housing

markets

remained

relativelybuoyant

in

the

low-interest

environment

prevailing

in

the

firsthalf

of

2022.

The

reduction

in

financial

assets

was

particularlymarked

in

Europe,

North

America

and

Asia-Pacific

countries.Non-financial

assets

performed

relatively

better

in

mostregions,

the

main

exception

being

China,

where

both

financialassets

and

non-financial

assets

shed

value

in

terms

of

US

dollars,although

not

in

terms

of

yuan

(renminbi).The

main

featuresof

wealth

changes

during2022

aresummarizedinTable

1.AggregateglobalwealthtotaledUSD

454.4

trillion

at

the

end

of

the

year,

down

USD

11.3

trillionor

2.4%

over

the

12-month

period.

Wealth

per

adult

fellby

3.6%

to

reach

USD

84,718

at

year-end.

These

losses

areexaggerated

because

they

refer

to

US

dollars

at

currentexchangeratesanddepreciationagainsttheUSdollarwaswidespreadduring2022.Ifexchangerateshadremainedthesame

as

in

2021,

total

wealth

would

have

grown

by

3.4%and

wealth