According to a report by Swiss Bank UBS and the Pew center, last year the world’s richest people have become a little less affluent, as geopolitical turmoil and volatile equity markets for the first time reduced the wealth of billionaires. This means that for the first time in a decade the welfare of billionaires became a little less.
The report showed that the state of wealth of billionaires in the world decreased by 388 billion to $ 8,539 trillion. A particularly large decline occurred in China and second after the United States the gathering place of the large rich, and in the Asia-Pacific region more broadly. The net worth of the richest Chinese fell by 12.8%.
Private banks have felt the impact of trade tensions between the US and China, as well as the General global political uncertainty, as clients last year shied away from risky trades and accumulate more cash.
“The welfare of billionaires decreased in 2018 for the first time since 2008 due to geopolitics,” says lead author of the report Joseph Stadler (Josef Stadler). However, despite the decline, China continues to produce a new billionaire every 2-2,5 day, says Stadler.