More than 3.5 million people lost their “dollar millionaire” status last year during the first fall in global wealth since the 2008 financial crisis.

The number of adults with assets of more than $1m (£790,000) fell from 62.9 million at the end of 2021 to 59.4 million at the end of 2022, according to the UBS annual wealth report, published on Tuesday.

Global wealth fall cost 3.5m people ‘dollar millionaire’ status last year comes via ChinaTechNews.com.