A last year's crummy stock market narrowed the gap between rich and poor worldwide.

I'm David Brancaccio, Global Household Wealth, Total Assets of Humans, has gone down.

A new report from the Financial Firm UBS uses data from last year, which also found the gap between rich and poor also fell globally.

Here's Marketplace's Kristen Schwab.

Global Wealth data gives us a sense of where wealth is concentrated.

Joe Milanovic is an economist at the City University of New York.

The gaps are so enormous that for the same person having such different experience in life is difficult to defend.

Part of what's behind the narrowing wealth inequality gap is China's rapid economic growth over the last 15 years or so.

And it was not solely China, it was also India, Indonesia, Thailand, all the countries that are relatively poor that have grown very fast.

But the biggest reason for the narrowing inequality gap was Global Wealth's decline.

Adam Hollowell at Duke's Center on Social Equity says people at the top lost money in the stock market.

Financial assets in North America depreciated significantly in 2022.

That doesn't mean that the material circumstances of the global poor have changed.

The report predicts that after dipping in 2022, Global Wealth is expected to rise nearly 40% over the next five years.

I'm Kristen Schwab from Marketplace.

Now we recently spoke to the mayor of San Francisco London breed about challenges in her city.

The office vacancy rate post pandemic is still running high as his homelessness and substance abuse.

Now some heavyweight players are working to promote fresh thinking.

What's called the yes San Francisco Urban Sustainability Challenge is being led by the World Economic Forum,

the San Francisco-based tech platform, Salesforce, and the consulting firm Deloitte.

For more on the intentions here, I'm joined by Kiersten Rhodes, San Francisco Managing Principal at Deloitte. Welcome.

Thank you David. I'm so excited to be here with you today.

...