Wealth of the world's 2,101 billionaires falls … to $8.5 trillion


USB and PwC said that factors behind this included "a strong U.S. dollar, trade friction, fears of lower economic growth, and financial market volatility". The lost a combined $388 billion.

UBS's head of ultra-high net worth clients, Josef Stadler, said that the billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics.

"It's likely that billionaire wealth will streak up all another time this year", said Simon Smiles, UBS's chief funding officer for extremely-prosperous purchasers, alongside with it will likely be a more muted lengthen than the broader financial market rally could also indicate. "Looking back over five years, tech billionaires have driven nearly a third of the growth in billionaire wealth. USA tech billionaires accounted for more than half of that growth".

"We've seen that these people can be successful and drive change regardless of who's in a leadership role on the political scene", said John Mathews, who oversees UBS Group AG's private wealth and ultra-high net-worth business in the Americas.

Billionaires have become a key policy issue in the USA as Sen. Elizabeth Warren, D-Mass., and Sen.

Self-made billionaires are employing new techniques for global philanthropy, uniting with other billionaires, non-governmental organizations and charities, the report said.

Billionaires ended 2018 almost 35% wealthier than five years earlier, owning a combined $8.5 trillion in assets. Tech was also the only industry that saw billionaire wealth increase in 2018 - rising to $1.3 trillion. It found the billionaire-controlled companies were more profitable as well. Despite the decline in 2018, billionaires' assets are still Dollars 2.2 trillion or a suitable third higher than five years ago. The United States has 99 million people on that ranking, though it still has more millionaires, with about 40 percent of the world's total, according to the report.

The net worth of China's super-rich slid 12.8 percent in dollar terms due to tumbling stock markets and a weaker local currency. The decline bumped dozens from the billionaires list and contributed significantly to the global drop-off in billionaire fortunes.

Despite the dip in overall wealth, the report argued that billionaire businesses continue to thrive. The calculator included personalized links for Microsoft co-founder Bill Gates, Bloomberg and Cooperman, all of whom have publicly anxious about how their fortunes would fare under her presidency.

Having a billionaire at the helm is good for a company's stock price, a new report by investment bank UBS and PricewaterhouseCoopers found.