The Korea Herald


[Graphic News] Asia’s billionaire club takes heaviest hit in 2022

By Nam Kyung-don

Published : July 4, 2023 - 08:00

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Billionaires in Asia faced the steepest drop in membership

in 2022 at 7.1 percent, more than any other region, according to data firm Wealth-X Analytics. This decline, when contrasted with North America’s modest 2.3 percent dip, reflects a year of heightened economic volatility.

South Korea and Taiwan’s tech sectors bore the brunt of Asia’s decline, while market sentiment was constrained by China’s stringent zero-COVID policy, the report explained.

Against a backdrop of global unrest, a surge in inflation and a shift in the geopolitical order, the turbulence of last year proved taxing for global wealth preservation. The number of ultrarich people around the world contracted by 3.5 percent in 2022.

Despite a 2.3 percent decrease, North America continued to host a large portion of the world's billionaires with a 32 percent share of the global club.