Billionaires' wealth falls for first time since 2015

The number of Taiwanese billionaires has increased from 35 to 40

The number of Taiwanese billionaires has increased from 35 to 40

In the report, the authors also state they don't believe the billionaire effect is limited to the 15 years studied and will continue into the future.

Taiwan's billionaires remained predominantly male, with only one female, the report said. "Moving forward, there will be more Chinese billionaires coming from the digital economy", he said.

John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States said that the report showed the resilience of the USA economy.

Billionaires' wealth fell 4.3% globally, dropping by $388 billion to $8.5 trillion past year.

"This report shows the resilience of the US economy", the place there have been 749 billionaires on the finish of 2018, mentioned John Matthews, head of personal wealth administration and ultra-high web value enterprise for UBS in the US.Whereas a inventory market restoration from a steep drop in late 2018 has helped wealth managers improve their belongings, the world's richest households stay involved about global affairs from commerce tensions and Brexit to populism and local weather change and are persevering with to maintain extra of their cash in money.

The world lost 57 billionaires past year as economic woes and the unexpected strengthening of the U.S. dollar wiped $388 billion (CHF386 billion) from their combined wealth.




The report found that billionaires tend to share three traits that make their companies successful: smart risk taking, business focus and determination. There were 89 United States tech billionaires at the end of 2018, up from 70 in 2017.

"With the growing impact of the digital economy on traditional enterprises, technology entrepreneurs are replacing the traditional giants like manufacturing and real estate in China", said Harry Qin, wealth and asset management consulting lead partner of PwC China.

Worldwide, the number of billionaires fell everywhere except in the Americas. The number of women billionaires has grown by 46% over the past five years, faster than the rate of men billionaires in that same period, which was 39%. Four out of ten self-made billionaires in 2018 are setting up companies in the consumer goods and retail sectors.

The report comes amid increased anti-Wall Street and anti-billionaire rhetoric from Democratic presidential candidates Bernie Sanders and Elizabeth Warren - who've both called for a tax to be imposed on the wealthiest Americans - and pushback from the wealthy.

"Think about what a world without billionaires would look like", Stadler said.

Latest News