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Money

If you earn six figures, you’re more likely to lose your job

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The economic landscape is proving to be challenging even for the wealthy, as high earners in the United States face an alarming rate of layoffs.

Americans earning more than $125,000 annually are experiencing layoffs at a rate three times higher than those with lower or moderate incomes, according to a study conducted by Bank of America.

The study cites data related to jobless benefits deposited in customer accounts to support its findings.

The report highlights a notable shift in unemployment trends, with July witnessing a significant 70% increase compared to the previous year in the number of individuals earning six figures who received unemployment benefits.

Sectors that traditionally offer high-paying positions, such as technology and finance, have been hit hard by layoffs over recent months.

Tech nightmare

Tech giants like Meta (formerly Facebook), Amazon, and Alphabet, as well as other companies based in Silicon Valley, have collectively laid off over 227,000 employees since the start of the year, according to Layoffs.fyi.

Meanwhile, major financial institutions like Goldman Sachs, Morgan Stanley, and Citigroup have also let go of thousands of employees.

The report indicates that the layoffs are disproportionately affecting high-income households, while those with lower and middle incomes have shown more resilience.

The phenomenon comes as a surprise, especially considering the robust recovery of the stock market in 2022, which significantly boosted the value of 401(k) retirement accounts.

Asset drop

However, the number of American adults with assets totaling at least $1 million has seen a decline of 1.8 million, falling to 22.7 million at the end of the previous year.

This information comes from the Global Wealth Report compiled by analysts at Credit Suisse and UBS. The report further points out that the US, with the highest concentration of millionaires globally (38% of the total), experienced a notable decrease in the number of individuals possessing at least seven figures in net worth.

The decline in wealth among millionaires is attributed to several factors, including the 33% drop in the NASDAQ and 20% dip in the S&P in 2022. This led to substantial losses for individuals who had witnessed strong growth in their 401(k)s and IRAs in previous years.

$1.4 loss

The report also underscores the challenges faced by the ultra-wealthy. In 2022, the 500 richest individuals globally experienced a collective loss of $1.4 trillion, as reported by the Bloomberg Billionaires Index.

Factors such as supply chain disruptions, geopolitical events like the Russian invasion of Ukraine, China’s struggles with COVID outbreaks, rising inflation, and stock market fluctuations have collectively contributed to the erosion of wealth among the nation’s wealthiest individuals.

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Money

Nvidia surpasses Microsoft as the most valuable company in the world

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Nvidia has emerged as the world’s most valuable company, surpassing Microsoft with a market value of over $3.3 trillion.

This shift comes on the heels of Nvidia’s consistent growth in the semiconductor sector and its strategic advancements in artificial intelligence and gaming technologies.

This milestone marks a significant validation of Nvidia’s aggressive expansion and innovation strategies under CEO Jensen Huang, who has steered the company towards dominance in high-performance computing.

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Money

Finance expert empowers his social audience with accessible wealth tips

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The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

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Money

It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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