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

Facebook co-founder Chairman and CEO Mark Zuckerberg testifies before the House Energy and Commerce Committee in the Rayburn House Office Building on Capitol Hill

"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.

Lib Dems, Greens and Plaid agree 60-seat 'Remain alliance' election pact
This is our opportunity to tip the balance of power away from the two largest parties and into a progressive Remain Alliance. In return, the Greens will be given a free run in at least one seat.

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.

Related News:

  • Local freebies, deals, discounts for Veterans Day 2019

    Local freebies, deals, discounts for Veterans Day 2019

    They will also offer a 20 percent discount from November 8 - Nov. 11 for all military, police, firefighters and first responders. Carabbas - All veterans, active duty military, and first responders receive a free calamari - and 10% off on all future visits.
    French police clear hundreds of migrants from Paris camps

    French police clear hundreds of migrants from Paris camps

    The camps were reportedly known for their poor conditions with many of them harboring criminals and drug addicts. Some 600 police officers escorted the migrants to coaches to take them to reception centres in the Paris area.
    Dawid Malan's stunning century sets up England rout in fourth T20 worldwide

    Dawid Malan's stunning century sets up England rout in fourth T20 worldwide

    And, having reached his half-century from 31 balls, he accelerated sharply to record his century just 17 deliveries later. Malan, who walked in at no.3, joined forces with Morgan to tore into the hapless New Zealand bowlers.
  • Disney+ launch date for Ireland finally announced

    Disney+ launch date for Ireland finally announced

    Programmers and distributors blame each other for being too lenient in how many people can simultaneously stream from one account. The new Disney streaming service will launch on devices from Apple, Google, Microsoft, Roku, and Sony.
    Fatal Fury's Terry Bogard Joins the Fight in Super Smash Bros. Ultimate

    Fatal Fury's Terry Bogard Joins the Fight in Super Smash Bros. Ultimate

    Additionally, the option for Random Battlefield and Omega Form has also been added to the stage settings. Joker, Hero and Banjo & Kazooie are all obtainable now, with Terry Bogard joining this present day.
    Ole: Greenwood reminds me of Van Persie

    Ole: Greenwood reminds me of Van Persie

    He's doing his finishing practices. " The talent that he has, he proved that and I just want to see more of it in the games ". Solskjaer has been vocal on United's struggles this season, with the Norwegian adamant his team will get better with time.
  • Vietnamese boys among UK truck victims

    Vietnamese boys among UK truck victims

    Several arrests have been made in Britain, Northern Ireland and Vietnam in connection with the deaths. Police say the Vietnamese and British governments are now working on repatriating the bodies.
    Cyclone Bulbul: Operations at Calcutta airport to be suspended

    Cyclone Bulbul: Operations at Calcutta airport to be suspended

    Incessant rain and squally wind have been lashing the coastal districts since Friday, with the intensity increasing gradually. Sea condition is phenomenal over westcentral and adjoining eastcentral Bay of Bengal around the system centre.
    'Friends' fans love this Matthew Perry and Courteney Cox selfie

    'Friends' fans love this Matthew Perry and Courteney Cox selfie

    During the sit down with Ellen DeGeneres, Jennifer revealed that the cast might reunite , however for a different project. Recall that the cast of the series has maintained a very good friendship.
  • 'Fresh Off The Boat' Cancelled - No Season 7 For ABC Comedy

    'Fresh Off The Boat' Cancelled - No Season 7 For ABC Comedy

    It was truly a special experience and hopefully will forever be a reminder of all the stories out there that deserve to be told. ABC sitcom " Fresh Off the Boat" has been canceled after six season, according to The Wrap .

    Republicans tap close Trump ally to serve on impeachment panel

    Williams was one of a handful of United States officials who listened in on the call. The battle could go to the Supreme Court and spill into next year.
    Selena Gomez, sister Gracie attend ‘Frozen 2’ premiere

    Selena Gomez, sister Gracie attend ‘Frozen 2’ premiere

    Gracie isn't Selena's only sibling the star's father Ricardo Gomez has a further daughter, 5-yr-outdated Victoria. Below, check out a gallery of more photos of Selena Gomez and her sister at the Frozen 2 premiere.


Most liked

5th-Seeded Nittany Lions Move To Big Ten Semifinals
Most of those were to Bateman, who made seven scene-stealing catches for 203 yards and a touchdown. BEST PASS Minnesota quarterback Tanner Morgan wasn't the story coming into the game.

Pokemon Go players can take on Team Go Rocket leader
Shops can use the opportunities to bring in people when business is slow and make their presence known in communities. Themes of video games in the opposition ranged from steam punk tank battles to safeguarding animal sanctuaries.

China court sends 9 to prison for smuggling opioids into U.S.
A Chinese man was convicted and sentenced to death for trafficking fentanyl to the United States, The New York Times reports. US officials have reportedly moved to link Beijing's efforts on fentanyl to USA trade talks.

Congolese 'Terminator' warlord given 30-year sentence
However, this is not limited to Africa , as Russia, China and the United States also do not recognise the court's jurisdiction. Ntaganda was also responsible for the rape and sexual slavery of underage girls, and of recruiting troops under the age of 15.

President Trump planning to attend LSU vs. Alabama game
But when the LSU Tigers rolls into Tuscaloosa to face the Alabama Crimson Tide this Saturday, the Bayou Bengals will be just that. As you may have heard, Alabama and LSU meet again this weekend in the latest version of the "Game of the Century" in Tuscaloosa.

South Korea Deports North Korean Fishermen Who Allegedly Murdered Their Own Crew
The other two made a decision to flee to the South after finding out about the arrest of the other man, who was captured at a port.

Pakistan corridor set to open for Sikh pilgrims
For his part, Khan said a day would come "when our relations with India will improve". Indian officials said just 700 were expected to cross through the corridor Saturday.

IOC pledges $10 million to anti-doping fight
The World Anti-Doping Agency duly obliged, with president Sir Craig Reedie this week indicating the blood and urine samples of athletes could be retested.

Torrential rain in England kills 1; floods streets
The Environment Agency reduced the total number of flood warnings , which had previously stood at 118, to under 100 this morning. Sheffield was particularly badly hit during flooding in summer 2007, which saw millions of pounds spent on prevention schemes.

Nine Chinese jailed for selling fentanyl to US in first joint probe
All three were "attracted by high profits and high demand, quot; from U.S. buyers, said the Xingtai Intermediate People's Court". Liu Yong was sentenced to death with a two-year reprieve, while Jiang Juhua and Wang Fengxi were sentenced to life in prison.

GOP demands Adam Schiff testify in private in Impeachment inquiry
Jim Jordan, (R-Ohio), speaks to the media during a press conference in Washington on October 23, 2019. Crawford will return to the committee after the impeachment probe is concluded.

Health department hosting drive-thru flu shot clinic
Food and Drug Administration announced formal approval of Fluzone, a high-dose vaccine manufactured by drugmaker Sanofi Pasteur. Preventing the spread of influenza is important in protecting infants, who can not be vaccinated immediately following birth.

Ernie Els finalizes International Team for next month’s Presidents Cup
With his second pick in Niemann, Els made it clear that he doesn't fear having the youngest team in Presidents Cup history. USA captain Tiger Woods is expected to select himself when he announces his wildcard picks on Friday.

Iran downs a drone
Washington has responded with a military build-up in the Gulf and put troops in place to support its allies in Saudi Arabia. The semi-official Mehr news agency aired footage it said showed the missile attack that downed "the aggressor drone".

Rafael Nadal hopes to play in ATP Finals despite abdominal strain
The other group boosts of World No. 1 Rafael Nadal , Daniil Medvedev , Stefanos Tsitsipas and Alexander Zverev . Their round-robin challengers are Dominic Thiem and London debutant Matteo Berrettini .