CORRECTED (OFFICIAL)-Billionaires' wealth falls for first time since 2015

Joe Stadler head of UBS ultra-high net worth unit

The world's billionaire population continues to swell, despite the uber wealthy taking a hit to their bank balances previous year, a new study has found.

The growth rate of women reaching the higher echelons of wealth in the past five years (46% increase) outstripped men (39%). In Germany, the number of billionaires fell to 114.

The collective wealth held by the world's billionaires fell for the first time in a decade a year ago, according to a report by the Union Bank of Switzerland (UBS) and PricewaterhouseCoopers (PwC) published on November 8.

"While Asia continues to be seen as having more traditionally male-dominated cultures, it is heartening to see that the number of female billionaire has grown to more than double over the last five years", Julia Leong, partner and private banking lead, noted in the report. China overtook Russian Federation as the second-largest billionaire group, behind the United States.

Against the trend, the assets of billionaires in the U.S. have increased by 0.1 per cent.

Billionaires' companies are also consistently more profitable than companies not run by billionaires, and shareholders have billionaires' shared personality traits to thank, according to UBS and PwC. "You look at Revolut and Monzo and the newly developed systems and this will fuel new billionaires or at least millionaires", said Marcel Tschanz, Swiss head of wealth management at PWC, at the event.

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Billionaires' wealth fell by $388 billion globally to $eight.539 trillion, the usPwC Billionaires Report discovered, with a very sharp decline in Higher China- the second-biggest residence for billionaires after the United States- and the Asia-Pacific area extra broadly. Behind this is a vast upheaval - 169 people fell off the billionaire list, and 110 were promoted to the group.

Worldwide, the number of billionaires dropped everywhere except at the Americas, where technology entrepreneurs continued to buoy the positions of the United States' wealthiest.

There are now 233 women billionaires (up from 160 in 2013).

Taiwanese billionaires' wealth mainly comes from the real-estate, materials, and consumer and retail industries, due to the nation's social-economic environment and policies, PwC Taiwan financial services leader Richard Watanabe (吳偉臺) said at the conference. The total assets of local billionaires shrank by 78 billion dollars to 500.9 billion dollars within a year.

In Germany, the number of billionaires fell by nine in 2018 - so there are now 114.

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