In the first half of 2022, the global ultrahigh net worth (UHNW) population fell by 6%, to 392,410 individuals. This represents a sharp reversal from 2021 and the first downturn in UHNW numbers since 2018, as wealth portfolios were hit by shockwaves  cross the global economy, triggered by the war in Ukraine. Following historical highs in recent years,combined net worth fell by 11%, to $41.8trn. It will be a bumpy road in the near term.