What they found,\u00a0on a metro by metro basis, is that New Yorkers\u00a0lost the most wealth,\u00a0recorded a whopping $336 billion loss, or -13%, compared with\u00a0the previous year.<\/p>\n
Residents in\u00a0San Francisco, the second-wealthiest city in the nation,\u00a0fared better than New Yorkers, lost\u00a0$105 billion, or 5% of the wealth, during the pandemic. At least two billionaires in the Bay Area were downgraded to centi-millionaires, while five billionaires were downgraded to centi-millionaires in the Big Apple.<\/p>\n
Researchers identify the wealthiest cities in the U.S. by including\u00a0all residents’ assets (property, cash, equities, business interests) less any liabilities:<\/p>\n
“Job losses, declining income levels, falling stocks, and weaker high-end property values led to a 9% decrease in total wealth held in the U.S. during the first half of 2020,” Bloomberg said, citing the report.<\/p>\n Andrew Amoils, a wealth analyst at New World Wealth and the report’s author, said despite the U.S. being epicenter of the virus pandemic, it’s faring much better than other nations to protect wealth.<\/p>\n “The 9% drop in U.S. wealth compares with a 14% drop worldwide and declines of as much as 20% in countries like Russia and Brazil,”\u00a0Amoils said.<\/em><\/p><\/blockquote>\n U.S. residents held\u00a0$58 trillion in total wealth or about 30% of the worldwide wealth, as of June 30, making it the wealthiest nation. On a per-capita basis,\u00a0Americans each held, on average, about\u00a0$178,000 in net assets, place it\u00a0the fifth in the world, behind\u00a0Monaco, Luxembourg, Switzerland, and Australia.<\/p>\n The recent spread of the virus has caused the recovery to\u00a0reverse<\/a>, this could lead to even more wealth loss in the U.S., despite the unprecedented money printing by the Federal Reserve, and countless fiscal injections by the federal government.<\/p>\n While wealth loss is hitting the rich and poor, here’s what the most\u00a0richest folks<\/a>\u00a0are doing to avoid the next downturn.<\/p>\n![\"\"](\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/wealthiest%20cities%20bbg.png?itok=gWTASS8l)