Billionaires' wealth fell for the first time in 10 years

Billionaires' wealth fell for the first time in 10 years

The world's richest people became a little less well off in 2018. Geopolitical turmoil and market volatility reduced the wealth of billionaires for the first time in 10 years.

The world's billionaires have lost $388 billion (about €350 billion) of their collective net worth, which has dipped to an estimated $8,539 billion (€7,731 billion), according to a report prepared by UBS and PwC, one of the largest auditing and consulting companies worldwide.

Private banks - such as UBS, the world's largest wealth manager - have felt the effects of US-China trade tensions and global political uncertainties, as clients shied away from investing in banking products and trading in favor of hoarding more cash.

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