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Coronavirus threatens surging global wealth: Report
US economy, consumer will see coronavirus recovery: Moody’s economist
John Lonski Moody’s Analytics chief markets economist on why he sees optimism in Federal Reserve Chairman Jerome Powell’s coronavirus comments.
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Global wealth has more than doubled over the last decade in the wake of the devastating financial crisis of 2008. But the novel coronavirus has "had a considerable impact on the wealthy" — largely creating unforeseen challenges and threatening their otherwise solid fortune, according to a recently released report.
“A Decade of Wealth,” a Wealth-X report published Thursday, describes how the U.S. leads the world in its individual wealth, producing almost 39 percent of the world’s wealthy individuals.
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“The US is by far the world’s largest wealth market and cemented its leading position over the past decade,” the report states, noting that the nation got a “sizeable boost” in its wealthy population in 2019. “The world’s largest economy is backed by the US dollar’s global reserve currency status, underpinned by dominant financial services and technology sectors, and enjoys a business environment largely supportive of private enterprise and competition.”