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Turmoil, Volatile Market Affect Billionaires Too | Sahara Reporters

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Turmoil, Volatile Market Affect Billionaires Too | Sahara Reporters Billionaires’ wealth fell by 388 billion dollars globally to 8.539 trillion dollars, the UBS and PwC Billionaires Report found, with a particularly sharp decline in Greater...READ MORE:

google/nanThe world’s richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade.

“Billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics,” UBS’s head of ultra-high net worth clients, Josef Stadler, said in the report published on Friday. “This report shows the resilience of the U.S. economy,” where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.

 

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