ULTRAN E T HIGH- WO RT H
WEALTH WHIPSAWS, FINISHES STRONG IN 2020 Wealthy individuals from all parts of the world tend to have a greater portion of their net worth invested in stocks, bonds, and real estate than the overall population. To the degree that they were exposed to markets in 2020, they experienced wide swings in personal fortunes during a year of extreme volatility in financial markets. Stock market averages went from hitting new highs in February to a full-blown bear market in less than a month, as the spread of COVID-19 infections and government-ordered business shutdowns produced a sharp contraction in economic activity. Many companies in industries such as airlines, cruise ships, entertainment, restaurants, and retail shed more than half of their market value, while tens of thousands of privately held businesses quickly moved from profits to deep losses. It was economic calamity brought on by the biggest public health crisis in a century.
20 | COLDWELL BANKER GLOBAL LUXURY® - THE REPORT 2021