“The billionaire boom of the past five years has now undergone a natural correction,” explained Josef Stadler, the head of ultra high net worth at UBS Global Wealth Management, in a statement. One of the steepest drops came in Greater China, including Hong Kong and the Asia-Pacific region. Private wealth dropped 4% in Hong Kong to $319.8 billion last year, according to the report, which pinned it on the months of anti-government protests that have rocked the Chinese-ruled city. Read More...
The world’s billionaires lost $388 billion last year
“The billionaire boom of the past five years has now undergone a natural correction,” explained Josef Stadler, the head of ultra high net worth at UBS Global Wealth Management, in a statement. One of the steepest drops came in Greater China, including Hong Kong and the Asia-Pacific region. Private wealth dropped 4% in Hong Kong to $319.8 billion last year, according to the report, which pinned it on the months of anti-government protests that have rocked the Chinese-ruled city.
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