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The world shed 3.5 million millionaires in 2022 as market losses drained wealth at the top

Published Tue, 04 Mar 2025 11:15:28 GMT

New York (CNN) — Last year, as interest rates rose and inflation stayed stubbornly high, total household wealth declined for the first time since the 2008 financial crisis.That might sound like bad news, but the numbers tell a more optimistic story.Here’s the deal: The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion, according to the annual Credit Suisse and UBS global wealth report. Much of that was due to losses in stock and bond markets, which disproportionately affect wealthier people.Meanwhile, global median wealth, a more meaningful indicator of how the typical person is faring, actually rose 3% in 2022.In short, the average Joe got a bit of a boost and a bunch of millionaires and billionaires took a bath — a phenomenon some refer to as a “rich-cession.”(For the record: The report defines net worth or “wealth” as the value of a household’s financial assets and real assets, like property, minus their debts.)The drain on wealth at the top means th...

Broward County schools set to open next week, marking inaugural year with Superintendent Dr. Peter Licata

Published Tue, 04 Mar 2025 11:15:28 GMT

BROWARD COUNTY, Fla. (WSVN) — As Miami-Dade County Public School students start their first day of school, Broward County is getting ready to open its doors to students next week. Broward County Public School, the sixth-largest district in the US, is set to welcome students back on Monday for the start of the new academic year. This year marks the beginning of the school district being under a new superintendent, Dr. Peter Licata. He was sworn in on July 18 after the school board searched for months to fill the role. Dr. Vickie Cartwright, who officially resigned on Jan. 24, has held the position of superintendent since summer 2021, but the school board members cited their dissatisfaction with her leadership and reprimanded her in October 2022.On July 12, Dr. Licata shared his goals for the upcoming school year and stated he wants the best for the district’s students and their success. As Broward County’s educational community readies itself for the opening day, Dr...

Finland’s ex-EU commissioner Olli Rehn apologizes for albino remark

Published Tue, 04 Mar 2025 11:15:28 GMT

Olli Rehn — the governor of the Bank of Finland, a former European commissioner and a contender to be his country’s next president — has apologized after joking about being albino.Rehn apologized on social media for equating having gray hair “with a hereditary disease” and added that he had also apologized to the Finnish Albinism Association.Rehn made the remark during a panel discussion on Wednesday, Finnish tabloid newspaper Iltalehti reported.During the talk, moderator Tapio Nurminen asked Rehn if he planned to change his style during the presidential campaign because of a perceived lack of charisma.  “Yes, I’m not gray, I’m an albino,” replied Rehn, who does not have albinism, referring to the color of his hair. “It’s a completely different matter. And if grayness refers to reliability, judgment and composure, then I don’t think those are bad qualities at all for the president of the Republic of Finland.”The commen...

Investigation underway after man found dead at Breakheart Reservation in Saugus

Published Tue, 04 Mar 2025 11:15:28 GMT

Police are investigating after a man was found dead at the Breakheart Reservation in Saugus on Wednesday, officials said.State police say the person who died was a 65-year-old Saugus man who was known to hike the reservation.State troopers and local police could be seen gathered at the scene. Officials say his body was found around 6:05 p.m. yesterday by a family friend who, along with family members and other friends, had been searching for him. His name has not been released. The man’s body was found a few hundred yards into the reservation adjacent to a large rock formation that rises to a height of 30-plus feet. Whether he fell from the higher location remains part of the ongoing investigation. No additional information was immediately available.This is a developing news story; stay with 7NEWS on-air and online for the latest details.

Pentagon review calls for reforms to reverse spike in sexual misconduct at military academies

Published Tue, 04 Mar 2025 11:15:28 GMT

WASHINGTON (AP) — The U.S. military academies must improve their leadership, stop toxic practices such as hazing and shift behavior training into the classrooms, according to a Pentagon study aimed at addressing an alarming spike in sexual assaults and misconduct.U.S. officials said the academies must train student leaders better to help their classmates, and upend what has been a disconnect between what the cadets and midshipmen are learning in school and the often negative and unpunished behavior they see by those mentors. The review calls for additional senior officers and enlisted leaders to work with students at the Army, Navy and Air Force academies and provide the expanded training.Several U.S. officials described the report on condition of anonymity because it has not yet been publicly released. They said that too often discussions about stress relief, misconduct, social media and other life issues take place after hours or on the weekends. The report recommends that th...

Driver slams into restaurant in Lynn

Published Tue, 04 Mar 2025 11:15:28 GMT

Police are investigating after a driver left the road and slammed into a restaurant in Lynn on Thursday morning.Officers responding to a reported crash on Commercial Street found a vehicle against Pollo Royal and significant damage to the front brick wall.The vehicle has since been removed from the scene and the city’s Building Inspector is checking the stability of the restaurant.The cause of the crash remains under investigation.This is a developing news story; stay with 7NEWS on-air and online for the latest details.

With AL’s best record, baseball’s best farm system, Orioles ‘set up for many, many years’

Published Tue, 04 Mar 2025 11:15:28 GMT

The start of Ryan O’Hearn’s major league career in many ways coincided with the beginning of the Orioles’ rebuild. His debut for the Kansas City Royals came July 31, 2018, the same day Baltimore completed its series of teardown trades. O’Hearn’s first full season was 2019, the same year the Orioles and Royals respectively made the first two picks in the draft.Four years later, Kansas City remains one of the majors’ worst teams, while O’Hearn is a key member of a Baltimore team that has grown into one of the best. This week, MLB Pipeline recognized the Orioles as baseball’s No. 1 farm system for the fifth straight rankings — with Baltimore once again possessing the top-ranked prospect — while the major league team holds the American League’s best record. Despite five straight top 10 draft picks, Kansas City was 29th of 30 teams in the rankings and is second worst in the AL standings.“When a team struggles for a f...

Another free 'Dump Day' event takes place this weekend

Published Tue, 04 Mar 2025 11:15:28 GMT

SAN DIEGO -- Finishing up some summertime cleaning and clearing projects? Dispose of your unwanted items for free at this upcoming "dump day" event in San Diego County.On Saturday, Aug. 19, Caltrans says the public is welcome to bring non-hazardous, unwanted household items to their Clean California Dump Day in Kearny Mesa.Officials say staff will be on-site at the Caltrans Kearny Mesa Maintenance Yard to accept approved waste and debris free of charge. That address is 7179 Opportunity Rd. in San Diego. Former Santee USPS mail carrier sentenced for stealing mail The "dump day" event will take place from 8 a.m. to noon, or until capacity is reached at the site.San Diegans are asked not to bring hazardous waste like batteries, paint, oils or flammables. Other undesired items include e-waste like televisions, computers, microwaves, stereo equipment and electronics, or construction debris like concrete, dirt, asphalt and asbestos.More information on prohibited items can be found&...

Israel clinches largest-ever defense deal with Germany for $3.5 billion after securing US approval

Published Tue, 04 Mar 2025 11:15:28 GMT

JERUSALEM (AP) — Israel’s Defense Ministry said Thursday it has secured its largest-ever defense deal selling a sophisticated missile defense system to Germany for $3.5 billion after the United States approved the deal. Although Israel has long had close economic and military links with western European countries, the deal with Germany could draw the attention of Russia, which Israel has maintained working relations with throughout the war in Ukraine. Israel has repeatedly rebuffed requests to sell arms to Ukraine for fear of antagonizing Russia. Germany will buy the advanced defense system, coined Arrow 3, which is designed to intercept long-range ballistic missiles. Israel sought approval for the deal from the U.S. State Department because the system was jointly developed by the two countries.“The American approval marks a momentous milestone in the strategic relationship between Israel and the United States,” Israeli defense official Daniel Gold said in a statement. “The jo...

Blue Jays’ Kevin Kiermaier rushed to help young fan who fainted

Published Tue, 04 Mar 2025 11:15:28 GMT

While he’s arguably been the Toronto Blue Jays’ best offseason signing, Kevin Kiermaier continues to prove that he might be an even better person off the field.The 33-year-old is known for making superman-like catches in centerfield, but he made a different kind of heroic effort this week when he rushed to help a young fan who fainted.CityNews sports reporter Lindsay Dunn recalled the scene at Rogers Centre on Tuesday ahead of the team’s home game against the Philadelphia Phillies.“There was a large group of fans watching batting practice and it was pretty hot out,” recounts Dunn. “While Kiermaier was signing autographs there was a bit of a commotion.”“I’m about 100 feet away and I look over. A kid, around 10 to 13, had fainted.”Just a quick note on how truly nice Jays' Kevin Kiermaier is. Today during BP a young fan fainted while he was signing autographs (it was hot out). He ran and got help and water for the kid and ...