Inflationary shocks have reverberated around the globe over the past three years — but the world’s wealthy have largely weathered them, say private bankers and investment managers.
Despite a sustained period of higher outgoings — with headline annual inflation still at 3.5 per cent in the US and 2.4 per cent in the eurozone after hitting multi-decade highs two years ago — the world’s billionaires and ultra rich have grown wealthier, according to US media group Forbes.
Industry figures say the rich have shielded their wealth from inflation by investing in the tech-driven stock boom, which has outpaced the rise in the cost of living, and by making smart bets on private equity, debt and infrastructure that have delivered strong returns.