Katherine Clarke

speaker

40 appearances 1 recordings 1 series first heard Oct 2020 last heard Oct 2020

Katherine Clarke’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How the Wealthiest Americans Recovered Their Pandemic Losses · 9 Oct 2020 podcast

I think you could argue that we're seeing a huge transfer of wealth in this country, further widening the income gap.

I mean, the average American is potentially losing their job, being furloughed, really struggling to sustain their normal lifestyle.

Thanks for having me.

I know it does sound kind of bizarre, but, you know, at the very beginning of the pandemic, it hasn't always been rosy.

At the very beginning of the pandemic, the wealthy did lose a lot of their collective net worth as the stock market initially plunged.

But since the end of March until the end of August, they regained a lot of it.

Not all of it, but a lot more than their neighbors in other countries.

Yeah, well, as we see with ultra high net worth individuals, unlike most Americans where their net worth is very directly tied to their salary or maybe tied up in owning a home, with these ultra wealthy people, they have a lot of private and public holdings in companies.

And while the stock market did have a huge drop, a huge hiccup at the beginning of the pandemic, it really

has already recovered most of the losses suffered during the beginning of the pandemic which is completely atypical.

I mean the Dow and the benchmark S&P 500 plunged about 35% within the first six weeks of the pandemic this spring but now we're seeing it back at you know near all-time highs.

We've seen a steady increase in the collective net worth of the ultra wealthy over the past few years.

And that was cemented in 2019, where the number of high net worth individuals, ultra high net worth individuals across the world rose 9.5%.

And North America has really led the way with the growth of this super high net worth class.

And in America, the collective net worth of people who have $30 million or more net worth is actually $12.4 trillion as of the end of last year.

In North America, we actually saw the ultra high net worth individuals and we're classifying those as people with a net worth of $30 million or more.

We saw them take an average hit of about 23% to their overall portfolios in the first three months of the year.

But we've already seen them recover most of that wealth to the point where they're just 3% below the levels that they were at at the end of 2019, which is not typical for the overall global situation.

Globally, ultra high net worth individuals are seeing their collective net worth come in at levels around 9% less than they were at the end of last year.

So in North America, the ultra wealthy are doing better than they are in other parts of the world.

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