The combined wealth of the 40 increased 1.3 percent annually to US$85.5 billion a year ago, with each billionaire contributing about US$2.1 billion, it said. "Additionally, like family businesses.billionaires' enterprises tend to have a long-term strategy", UBS and PwC said in their annual Billionaires Insights report. It found the billionaire-controlled companies were more profitable as well.
"This report shows the resilience of the USA 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.
Asia was hardest hit, as slowing growth in China and rising USA interest rates resulted in an 8% wealth drop among that continent's richest people, according to the UBS/PwC Billionaires Report released Friday. The report chalks the "billionaire effect" up to personality traits such as smart risk-taking, far-sightedness, as well as a focus on business and determination.
The sector's richest folks modified into slightly less prosperous final year, in step with a document by UBS and PwC, as geopolitical turmoil and volatile fairness markets diminished the wealth of billionaires for the foremost time in a decade.
"Billionaires are nonconformists who demonstrate individualism at an early age when they break more than a few rules", Badziag wrote in his book, "The Billion Dollar Secret: 20 Principles of Billionaire Wealth and Success". By the end of 2018, there were 89 tech billionaires, up from 70 in 2017. Bernie Sanders, I-Vt. Sanders has gone so far as to say billionaires shouldn't even exist. It was only the American tech entrepreneurs who continued to buoy the ranks of the United States' wealthiest. 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.
"This phenomenon is most visible in Asia, where 57 percent of female billionaires are self-made", Watanabe said, adding that about 40 percent of them made their money in the consumer and retail industries.
UBS cautioned that there could be negative consequences if billionaires are forced to pay higher taxes, a strategy that leading politicians in countries including the United Kingdom and the United States have suggested as a remedy for rising income inequality.
Billionaires have become a key policy issue in the USA as Sen. "Think about what a world without billionaires would look like".