JPMorgan issues US ‘wealth shock’ warning ...News

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JPMorgan issues US ‘wealth shock’ warning
source : Russia Today ( News ) () 34
Households could see $9 trillion in total losses this year, economists say US household wealth has fallen by at least $5 trillion so far this year amid an intense market selloff, according to a JPMorgan Chase note seen by Bloomberg. The losses could amount to $9 trillion by year-end, it estimated. According to the report, US billionaires are the biggest losers in the market rout, with their collective wealth having crashed almost $800 billion since its peak in November. Data showed that since the start of the year, the S&P 500 Index slid 18%, the Nasdaq 100 has lost 27% and a Bloomberg index of cryptocurrencies ha

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