Billionaires' wealth falls for first time since 2015

Joe Stadler head of UBS ultra-high net worth unit

Joe Stadler head of UBS ultra-high net worth unit

In China, however, the net worth of the country's richest dropped 12.8 per cent in dollar terms on the back of tumbling stock markets and a weaker local currency, and as growth in the country slowed to its lowest level in almost three decades a year ago, the report found, knocking dozens off the billionaires list.

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

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By the end of 2018, there were 2,101 billionaires in the world - an increase of 589 people or 38.9% over the past five years - according to the annual Billionaires Insights Report from the UBS in Switzerland that explores everything there is to know about the wealth of the ultra-elite. And even with last year's dip, billionaires' wealth increased nearly 35% - or $2.2 trillion - since 2013, according to the report. Billionaires there lost 8% of their wealth compared to 2017. It found the billionaire-controlled companies were more profitable as well.

Billionaires have become a key policy issue in the 2020 United States presidential election with Sen.

The wealth of billionaires in Europe, the Middle East, and Africa region fell by 6.8%. Cooperman said she was "s--- on the American dream". "United States tech billionaires accounted for more than half of that growth". Billionaires in the technology sector, including Facebook CEO Mark Zuckerberg, have been criticized in congressional hearings for issues including inadequate data protection, false political advertising on various platforms and Facebooks sale of users' personal data to third parties.

Regardless of the drop, China nonetheless produces a brand new billionaire each 2-2.5 days, UBS's head of ultra-high web price purchasers, Josef Stadler, mentioned within the report launched on Friday.

Stadler made the comments at the report's launch event in London, in response to a question about whether billionaires will be forced to clean up their acts. However, fintech and multimedia have grown rapidly - 419% and 504% respectively in the past five years.

Entrepreneur Rafael Badziag, meanwhile, spent five years conducting face-to-face interviews with 21 self-made billionaires and found that the same characteristics that make them successful can also lead to their downfalls.

Taiwanese billionaires' wealth mainly comes from the real-estate, materials, and consumer and retail industries, due to the nation's social-economic environment and policies, PwC Taiwan financial services leader Richard Watanabe (吳偉臺) said at the conference.

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