for those lazy bums https://www.businessinsider.in/policy/economy/news/russia-got-richer-even-as-the-war-in-ukraine-raged-on-last-year-while-the-west-shed-trillions-of-dollars-of-wealth/articleshow/102770925.cms

  • OldWoodFrame@lemm.ee
    ·
    1 year ago

    I don't understand the methodology.

    It shows that measured in current nominal USD, total net private wealth fell by USD 11.3 trillion (–2.4%) to USD 454.4 trillion at the end of 2022. Wealth per adult also declined by USD 3,198 (–3.6%) to reach USD 84,718 per adult. Much of this decline comes from the appreciation of the US dollar against many other currencies

    Measured in current nominal USD, wealth fell, due to the value of nominal USD increasing? Shouldn't that be a constant? I just don't see how people get poorer based on the value of their money going up.

    And the opposite appears true too, Russia is getting "richer" while the value of Rubles has been tanking against the dollar. Is Russia being measured with an exchange rate to USD or a basket of currencies? If not I can't imagine these numbers mean much in real terms, they would just be measuring inflation.

    Not that GDP is a perfect measure but GDP for both countries is increasing, just seems like something is messing with the numbers if you're saying one is going up by the most and the other down.

    • ElHexo
      ·
      edit-2
      3 months ago

      deleted by creator