Private wealth in Hong Kong fell four per cent in 2018 to $319.8 billion United States, the report showed, with months of anti-government protests in the Chinese-ruled city and an economic recession clouding the outlook this year.
Buoyed by the successes of the tech industry, the USA actually minted more billionaires. "This business acumen has also translated into their philanthropy, as billionaires seek new ways to engineer far-reaching environmental and social change", said Stadler. The net number of its billionaires rose by 4.8 percent, reaching 749 by the end of 2018.
The latest edition of the Billionaires Report from Swiss wealth manager UBS and consultants PwC made for grim reading for the top 1% of wealthy individuals around the world.
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The UBS banker acknowledged that wealth has become concentrated in fewer hands, but he said that concerns about inequality need to be balanced against what billionaires have achieved.
Even with last year's dip, billionaires' wealth increased nearly 35 per cent - or US$2.2 trillion - since 2013, according to the report.
One of the steepest drops came in Greater China, including Hong Kong and the Asia-Pacific region.
The report also looked into the so-called "billionaire effect", or the pattern of companies controlled by billionaires to produce higher returns.
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Twenty-seven of the billionaires were self-made, whose wealth accounted for 63 percent of the total owned by the 40 billionaires, the report said. The net worth of China's richest dropped 12.8%, which took dozens off of the billionaires list.
Forty Taiwanese people have been named in an annual billionaire report published with collaboration by the global financial services networks of UBS and PwC Friday, an increase from 35 in the previous report. Senator Elizabeth Warren, a Massachusetts Democrat, has proposed a 6 per cent wealth tax on assets over $1 billion, while Vermont Senator Bernie Sanders has said that billionaires should not exist at all. The calculator included personalized links for Microsoft co-founder Bill Gates, Bloomberg and Cooperman, all of whom have publicly anxious about how their fortunes would fare under her presidency.
"To sum this up, you can say that rich people are less neurotic and less agreeable, but have a higher degree of conscientiousness, are more open to new experience, and more extroverted than the population as a whole", Zitelmann said.
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