Dozens knocked off global billionaire list on geopolitical tension

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.

Private banks, including the world’s largest wealth manager UBS, have felt the effects of US-China trade tensions and global political uncertainties, as clients shied away from trading and taking on debt in favour of hoarding more cash in 2018. The net worth of China’s richest dropped 12.8% in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world’s second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires list.

Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the US’s wealthiest.

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