AFP, London

The world’s ultra-richest saw their fortunes shrink by 10 percent in 2022, due to the war in Ukraine, a study said Wednesday, but the outlook for them this year is bright. The study, by London-based property consultants Knight Frank, examined the fortunes of what it calls ultra-high-net-worth individuals (UHNWIs): people with a net worth of at least $30 million including their main residence. “Challenging markets meant the majority of UHNWIs saw their wealth decline last year, with their collective wealth falling by 10 percent,” said the report -- the equivalent of $10.1 trillion, it added. “Last year the Ukraine crisis fuelled the European energy crunch and supercharged already surging inflation,” said Liam Bailey, Knight Frank’s global head of research.