Pandemic Could Erase More Global Wealth Than Financial Crisis
- Wealth growth to slow over next 5 years, BCG study finds
- Rich people in North America, Japan may suffer biggest losses
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The rich are still getting richer, but the coronavirus crisis may slow the breakneck pace of wealth accumulation for years to come.
Volatile markets and the economic fallout from the virus could wipe out as much as $16 trillion of global wealth this year and hinder growth for the next five years, according to a study by Boston Consulting Group. By comparison, the 2008 financial crisis erased $10 trillion.