The world's billionaires lost a total of US$388 billion in 2018

Jeff Bezos

"It's likely that billionaire wealth will streak up all another time this year", said Simon Smiles, UBS's chief funding officer for extremely-prosperous purchasers, alongside with it will likely be a more muted lengthen than the broader financial market rally could also indicate. About half of that decline is due to a depreciation in the Chinese yuan against the US dollar, according to the report. "Moving forward, there will be more Chinese billionaires coming from the digital economy", he said.

The billionaire boom "has now undergone a natural correction", Josef Stadler, head of ultra-high net worth at UBS Global Wealth Management, said in the report.

The report, by Swiss bank USB and tax and consulting firm PricewaterhouseCoopers (PwC), said that past year, the wealth of billionaires dropped by $388 billion, to about $8.5 trillion.

Billionaires in the tech industry saw the greatest growth compared to any other sector past year.

The world's billionaires saw their collective fortunes dip last year for the first time in three years, erasing US$388 billion (S$527.5 billion) of their net worth. Worldwide, the volume of billionaires fell all over the build the house with the exception of in the Americas, where tech entrepreneurs persevered to buoy the ranks of the US' wealthiest.

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The report said there were 2,101 billionaires at the end of 2018.

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. There are now 233 female billionaires globally, up 46% from the 160 recorded in 2013 and outpacing the 39% rate of growth displayed by their male counterparts over that period. Four out of ten self-made billionaires in 2018 are setting up companies in the consumer goods and retail sectors. Warren this week released a billionaire calculator to help the ultrawealthy see how much they'd have left under her plan, which would impose an annual 2 percent tax on households with more than $50 million in assets and a 6 percent levy on fortunes in excess of $1 billion. Jeremy Corbyn, the leader of Britain's opposition Labour Party, has said that "in a fair society there would be no billionaires". "If you cap the upside, billionaires will manage their risk appetite downwards, [and] the impact will be detrimental to society", he told CNN Business.

But the burgeoning roster of the super-rich feeds into a wider debate about income inequality, which has become a signature issue for presidential hopefuls Sen.

"Think about what a world without billionaires would look like", Stadler said.

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