The billionaires are getting poorer

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The billionaires are getting poorer
Global billionaire wealth has declined for the first time in five years as a result of the strengthening of the dollar and more significant uncertainty in equity markets.

According to a survey, the wealth of the rich worldwide has declined for the first time in five years. In Germany, the number of billionaires fell to 114.

Global billionaire wealth has declined for the first time in five years as a result of the strengthening of the dollar and more significant uncertainty in equity markets. In 2018, all billionaires combined had $8.5 trillion, $388 billion less than in the previous year. This is the conclusion of a billionaire report published by the Swiss UBS Bank and the management consultancy PWC.

UBS expert Josef Stadler sees this development as a “natural correction”. In the previous five years, many billionaires had joined the company. Despite the decline in 2018, billionaires’ assets are still USD 2.2 trillion or a suitable third higher than five years ago.

Against the trend, the assets of billionaires in the USA have increased by 0.1 per cent. The number of billionaires in North and Latin America had also risen by 4.8 percent to 749. US technology giants had driven the growth.

A new billionaire in China every week

In the Asia-Pacific region, on the other hand, the number of billionaires fell significantly by 7.4 percent to 754. Behind this is a vast upheaval – 169 people fell off the billionaire list, and 110 were promoted to the group. China has produced 56 new billionaires, more than once per week.

According to the billionaire report, the number of women on the list has risen by 46 percent over the past five years. The increase was slightly higher than for men, where the number increased by 39 percent. There are currently 233 billionaires worldwide, compared to 160 in 2013. Four out of ten self-made billionaires in 2018 are setting up companies in the consumer goods and retail sectors.

In Germany, the number of billionaires fell by nine in 2018 – so there are currently 114. The total assets of local billionaires shrank by 78 billion dollars to 500.9 billion dollars within a year.