Billionaires' wealth falls for the first time in a decade

ZURICH - The 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.

Billionaires’ wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found, with a particularly sharp decline in Greater China - the second-biggest home for billionaires after the United States - and the Asia-Pacific region more broadly. “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.

HatesHorseshoes Sad🤣

HatesHorseshoes

Did it fall from the top floor or the 20th floor? Am I supposed to tear up? Better headline worth reporting: AMERICANS DYING, BANKRUPT DUE TO PROFIT-BASED HEALTHCARE. Medicare4All (hoping 4 BernieSanders to make the billionaire hoarding of wealth substantially lower)

I'm crying my eyes out. Really.

Nobody needs or deserves a billion dollars. Nobody.

Think of this .. the worldwide TOTAL NET WORTH of billionaires is a shade over 8 trillion dollars, one year of Warrens health plan cost between 3 and 5 trillion, and she thinks she is going to raise all that via a wealth tax on US billionaires... not HARDLY... ewarren

Best tall Labour then. They are already spending it

A straw man to preserve the status quo for UBS clients. How about those families with over $30 million in assets

Won't someone please think of the billionaires

Cry me a river!

The guillotines aren’t even out yet.

So sad, hope and prayers

Should we start a GoFundMe?

Thoughts and prayers.

Yet wealth inequality is more extreme than it has ever been, in particular in the US while class mobility has nearly entirely vanished. This is blatant apologia for those who have rigged systems (economic, political, social and otherwise) to advance their private ends. Shameful.

Please respect their privacy during this trying time

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