Global wealth falls – a first since 2007
The study found the wealth of all individuals - defined as assets such as income, real estate, savings and investments less debt - fell 5 percent in dollar terms to $223 trillion by mid-2012 from the same time the year before.
The main driver of the decline was crisis-hit Europe, where wealth fell 14 percent in dollar terms. But the study also attributed the fall to economic recessions in a broader range of countries, lower equity prices and relatively subdued housing markets.
Meanwhile, wealth in China grew 3 percent in dollar terms, the biggest winner this year, Credit Suisse said.
At constant exchange rates, global wealth rose 1 percent over the period, the smallest increase since the 2007-08 crisis.
The report published on Wednesday noted the European luxury goods sector had proven resilient, posting organic growth, which excludes acquisitions, at a high-teen percentage in the 12 months to June 30.
But Credit Suisse said it was cautious looking through to the second half of 2013, forecasting top-line growth would slow to 7-8 percent with a high level of uncertainty and no visible prospects of growth acceleration until the second half of 2013.
It said a weak macroeconomic environment in Europe, rising taxation for the rich and wealth erosion should take its toll on luxury sales in the region, a
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