Global private capital fell for the first time since 2008, where the richest countries saw the most significant volume, Swiss banking group UBS said in its Global Wealth Report 2023 published on Tuesday.

However, the financial institution noted that an increase is expected in the next five years by 38 percent to $629 trillion.

"2022 recorded the first fall in net global household wealth since the global financial crisis of 2008. 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 the year," the report read.

North America and Europe suffered the most losses at $10.9 trillion, while capital in the Asia-Pacific region slumped by $2.1 trillion. Meanwhile, Latin America grew its wealth by $2.4 trillion as local currencies grew stronger against the USD by 6 percent.

The number of world millionaires decreased last year by 3.5 million to 59.4 million people and the global wealth share of the richest 1 percent fell to 44.5 percent, the report added. But UBS forecasted that the number of millionaires will rise to 86 million by 2027, while wealth share per adult will hit $110,270.

Read more: Average earners to pay more taxes than rich: Bank of England ex-gov

A consortium of 21 NGOs that fight against global poverty revealed in January that the elite 1 percent have collected nearly two-thirds of the additional wealth amassed since the start of the pandemic.

Oxfam has urged for quick action to address a post-Covid widening in global inequality, warning that the wealthy had collected $26 trillion in new wealth up to the end of 2021. That accounted for 63 percent of total new wealth, with the remaining 99 percent of people receiving the remainder.

For the first time in a quarter-century, the rise in extreme wealth is being followed by an increase in extreme poverty, the UK-based charity stressed, demanding higher taxes on the super-rich.

The report also highlighted that extreme wealth concentrations resulted in weaker growth, eroded democracy, and exacerbated political corruption. According to the organization, the super-rich were major contributors to the global issue, with a billionaire producing a million times more carbon than the typical person. 

Oxfam called on countries to impose one-time wealth taxes on the top 1%, as well as windfall taxes, to curb profiteering amid the global cost of living crisis. As a result, rich-person taxes should be raised permanently, with higher rates for multimillionaires and billionaires.