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Billionaires’ wealth falls for first time since 2015, but don’t feel bad because it’s ‘likely to go up again’ ...News
A new report by UBS and PwC has found that the world’s richest lost $388 billion last year, with their wealth dropping to $8.539 trillion. Geopolitical turmoil and volatile equity markets have been blamed for the loss. According to the report, the decline was particularly sharp in Greater China (the second-biggest home for billionaires after the United States) and the Asia-Pacific region more broadly. 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 slowing growth of the country’s economy has also hurt billionaires’ wealth. A
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