Nuthawut Somsuk/Getty Images We might be in a rich-cession after all. Last year marked the first time since the financial crisis of 2008 that global wealth declined year over year, according to UBS’s annual global wealth report. Overall, the world lost $11.3 trillion in household wealth last year, a decline of 2.4%. Of all countries, the U.S. was hit the hardest with $5.9 trillion in losses, a stark contrast to its $15.9 trillion in gains in 2021. The drop—mostly attributed to unfavorable...