British families have suffered the biggest fall in wealth in the rich world since the pandemic.
The average Briton’s wealth has fallen by more than a fifth over the last five years, according to UBS. The slump is the worst seen across the 37 countries it surveyed.
Typical individual wealth has fallen by around £28,500 since 2020 after accounting for inflation.
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Britain suffered a worse inflation shock than other developed nations as energy costs leapt.
A slowdown in the housing market has also fuelled the wealth slump.
British families have suffered a bigger blow than those in countries such as Turkey, Bulgaria, Mexico and Kazakhstan over the past five years.
I would argue that the typical USA family has lost more wealth, but our averages are skewed by the absurd riches of our billionaires. Also I think lots of official sources have incorrect statistics when it comes to median income. Everyone I know earns less than the median personal income. I would say at least 80% of my home town earns less then the median. I don’t think that changes if you look at city populations either. I think the statistics are just wrong, and the people who collate the statistics don’t want us to know the truth.