More than 3.5 million lost their 'dollar millionaire' status in 2022 – with 440,000 of those in the UK and 1.8million in the US – during first fall in global wealth since 2008 financial crisis, study finds

More than 3.5 million people lost their ‘dollar millionaire’ status in 2022 during the first fall in global wealth since the 2008 financial crisis, a study has found.

The number of adults with assets totalling more than $1m (£790,000) dropped from 62.9 million at the end of 2021 to 59.4 million at the end of last year, according to the Global Wealth Report launched by Credit Suisse and UBS.

The number of millionaires in the US fell by 1.8 million to 22.7 million, but there are still far more…