Publicado: Sol, Noviembre 10, 2019
Financiera | Por Marilu Caballero

Richest people in world experience wealth fall first time in decade

Richest people in world experience wealth fall first time in decade

The web value of China's richest dropped 12.eight% in greenback phrases on the again of tumbling inventory markets and a weaker native foreign money and as development on the earth's second-largest financial system slowed to its lowest degree in practically three a long time in 2018, the report discovered, knocking dozens off the billionaires checklist.

In China, billionaires lost 12.3% of their wealth, but the report said that almost half of this drop is due to the yuan's fall against the dollar.

Companies controlled by billionaires tend to generate much better returns as compared to other large companies, says a global study, underlining the importance of the dominant shareholder for long-term performance.

Numerous 40 Taiwanese billionaires are from conventional industries such as the property and financial sectors, with an average age of 69 - five years older than the global average.

The UBS banker acknowledged that wealth has become concentrated in fewer hands, but he said that concerns about inequality need to be balanced against what billionaires have achieved. It was only the American tech entrepreneurs who continued to buoy the ranks of the United States' wealthiest. USA technology giants had driven the growth. The wealth of billionaires in the Americas inched up 0.1% (good news for the likes of Amazon's Jeff Bezos, Microsoft cofounder Bill Gates and Facebook's Mark Zuckerberg), and the net number of billionaires increased by 4.8% to hit 749 by the end of 2018. "Looking back over five years, tech billionaires have driven nearly a third of the growth in billionaire wealth".

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"While Asia continues to be seen as having more traditionally male-dominated cultures, it is heartening to see that the number of female billionaire has grown to more than double over the last five years", Julia Leong, partner and private banking lead, noted in the report. Despite the decline in 2018, billionaires' assets are still Dollars 2.2 trillion or a suitable third higher than five years ago.

The region that saw the biggest drop in billionaire wealth was China.

At the same time, six Taiwanese were removed from the list, the report said. The United States has 99 million people on that ranking, though it still has more millionaires, with about 40 percent of the world's total, according to the report. Senator Elizabeth Warren, a Massachusetts Democrat, has proposed a 6 per cent wealth tax on assets over $1 billion, while Vermont Senator Bernie Sanders has said that billionaires should not exist at all.

Tech billionaires are leading the ultra-wealthy in growing their fortunes, according to a UBS report titled "The Billionaire Effect" released on Friday.

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