Experts are raising concerns regarding a significant increase in credit card loan defaults in the United States. During the first nine months of 2024, lenders wrote off over $46 billion in seriously delinquent credit card loans, marking a 50% rise from the same period in 2023, the highest level since 2010. The New York Federal Reserve reported that total household debt reached a record $17.94 trillion, with credit card debt alone climbing to $1.17 trillion.
Meanwhile, the world's wealthiest individuals saw substantial gains in 2024. The combined net worth of the 500 richest people surged to $10 trillion, driven largely by a rally in US technology stocks. Notable figures like Elon Musk, Mark Zuckerberg, and Jensen Huang contributed to this increase, with the eight leading tech billionaires alone amassing over $600 billion this year.
On the financial markets front, London's FTSE 100 index rose by 0.3% on the last trading day of 2024, positioning it for a fourth consecutive year of gains, though it is set to close the quarter negatively. The FTSE 250 index also experienced a 0.4% increase but is on track for its worst quarter in nine. Investors are closely monitoring potential impacts from global monetary policies and upcoming political developments as they prepare for the new year.