JPMorgan predicts the impoverishment of Americans at $5 trillion - Bloomberg

The drop in wealth since the beginning of 2022, according to JPMorgan Chase & Co. estimates, will be at least $5 trillion - and could reach $9 trillion by the end of the year.

Rising home prices and high mortgage rates are reducing the wealth of U.S. citizens. Falling stock markets and rising prices are forcing Americans to save more, which could lead to slower inflation.

At the same time, wealthy Americans have lost the most, with Elon Musk losing 41% of his wealth since peaking in November 2021