The net worth of the world’s billionaires dropped 4.3 per cent to US$8.5 trillion in 2018, according to a UBS and PwC report. Their wealth is still up 34.5 per cent since 2013, and 374 per cent since 2003. The report blamed trade frictions caused by the U.S.-China economic dispute, concerns about low economic growth and the vagaries of the stock market. (The Logic)
Talking point: Tech was the exception to the big bank-account downturn. The sector’s billionaires got a combined 3.4 per cent richer in 2018, and are now worth a combined US$1.3 trillion. Despite several disappointing unicorn IPOs, that number could increase again this year as early investors and employees cash out.