Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,367,805 members, 5,263,245 topics. Date: Thursday, 14 November 2019 at 02:54 AM

World Billionaires Get Poorer, Lose A Staggering $388bn - Report - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / World Billionaires Get Poorer, Lose A Staggering $388bn - Report (23231 Views)

Meet The World Billionaires Of 2019 - Forbes (Photos) / Lagos Has 4 Billionaires, 360 Multimillionaires, 6,800 Millionaires. / Nigeria’s Top Five Billionaires Whose Wealth Could Wipe Out Extreme Poverty (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

World Billionaires Get Poorer, Lose A Staggering $388bn - Report by mercyokoro24(f): 1:45pm On Nov 08
The world’s richest people became a little ‘poorer’ 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 dollars globally to 8.539 trillion dollars, the UBS and 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.

Private banks including the world’s largest wealth manager UBS have felt the effects of U.S.-China trade tensions and global political uncertainties, as clients last year shied away from trading and taking on debt in favor of hoarding more cash.

“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.

The net worth of China’s richest dropped 12.8 per cent 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.

In spite of the drop, China continues to produce a new billionaire every 2-2.5 days, Stadler said.

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

“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.

While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world’s richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.

“It is likely that billionaire wealth will go up again this year,” said Simon Smiles, UBS’s chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

https://www.nytimes.com/reuters/2019/11/08/business/08reuters-wealth-billionaires.html

1 Like

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by ogbetaNews(f): 1:48pm On Nov 08
Wow Sad angry
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by mercyokoro24(f): 1:50pm On Nov 08
Lalasticlala
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Flexherbal(m): 2:02pm On Nov 08
Everything in life is subject to change.

Be it positive or negative.

18 Likes

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Mrblaze06: 2:02pm On Nov 08
Seriously
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by pickatyou: 2:02pm On Nov 08
Can I blame this on buhari.

Just asking o

17 Likes 1 Share

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by olaolulazio(m): 2:02pm On Nov 08
The question is are the poor becoming richer or poorer?

Where the billionaire money dey go if the poor remain poor?

27 Likes 2 Shares

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by elohim24: 2:03pm On Nov 08
Let's blame Buhari for this
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Authoreety: 2:03pm On Nov 08
Wow, so the thing affect my fellow billionaires?


Anyway, we will bounce back by God's Grace

2 Likes

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by tolu4you: 2:03pm On Nov 08
Me ayam not understanding dis ooooo. God count me among the billionaires soon, Amen
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by rawpadgin(m): 2:03pm On Nov 08
Oboy!
Imagine how many people that cash can take out of poverty
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Ugwumagala: 2:03pm On Nov 08
I was affected too but I didn't lose much

2 Likes

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Burgerlomo: 2:03pm On Nov 08
cool

6 Likes

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Nickymichy(m): 2:03pm On Nov 08
Abeg joor...which kind news b D's....
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by noblealuu: 2:04pm On Nov 08
Please God I want to be as poor as the present poverty of this world billionaire grin grin grin

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by AroleOduduwa2: 2:04pm On Nov 08
Shey u de whine me ni?
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by tosine102: 2:04pm On Nov 08
Let the wealths dha circulate undecided
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Authoreety: 2:05pm On Nov 08
pickatyou:
Can I blame this on buhari.

Just asking o

Yeah, feel free... e no comot anything for him body, he's not a fellow billionaire grin
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Sundaypaul12345: 2:05pm On Nov 08
Op, u dnt knw d meaning of poor or poorer. Mtcheew, i wish i can be poor as they are

3 Likes

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by BlackfireX: 2:05pm On Nov 08
But how come it didn't affect my money? Or am I not a billionaire ?

1 Like

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Authoreety: 2:06pm On Nov 08
Burgerlomo:
cool



Pheewewewe
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by joshjc(m): 2:06pm On Nov 08
It's not easy for we billionaires for some time

1 Like

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by ednut1(m): 2:06pm On Nov 08
Audio money

1 Like

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by DsilentStranger(m): 2:06pm On Nov 08
Please Edit the topic jor, which one is "world Billionaires get poorer" less Richer is better.
You know wetin poverty be!!!

7 Likes 1 Share

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by StrikeBack(m): 2:06pm On Nov 08
Hope my 2k is among the loss

1 Like

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Write4me(m): 2:06pm On Nov 08
Poor man in trouble.
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by Newboss(m): 2:07pm On Nov 08
I keep saying it: most of the billionaires are billonaires on paper (shareholding). As stock market fluctuates, so does their "wealth".

I keep insisting on converting to cash and investing in less volatile stuffs like CDs, government bonds, T-bills.

1 Like

Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by voltron14: 2:07pm On Nov 08
tolu4you:
Me ayam not understanding dis ooooo. God count me among them soon, Amen

You have to produce something.

Hope you are doing that already?
Re: World Billionaires Get Poorer, Lose A Staggering $388bn - Report by adedayoa2(f): 2:08pm On Nov 08
tolu4you:
Me ayam not understanding dis ooooo. God count me among them soon, Amen
among billionaires or those that will get poorer?

3 Likes 1 Share

(1) (2) (3) (Reply)

Obasanjo Creates 6000 Jobs In Ota Farm / N1.04trn Fine: We Expect No Operation Disruptions For Not Paying Fine —MTN / Brace Up For Hard Times, CBN Urges Nigerians

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2019 Oluwaseun Osewa. All rights reserved. See How To Advertise. 72
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.