The number of billionaires in the world fell in 2022 due to Russia’s war in Ukraine, monetary tightening, the plunge in stock markets and the slowdown in China’s economy, UBS said on Thursday.
Switzerland’s biggest bank, which ranks among the world’s biggest wealth managers, said there were $2,668 billionaires in March 2022 – 87 fewer than a year earlier.
It said they had a cumulative fortune of £10.4 trillion ($12.7 trillion) compared with £10.7 trillion ($13.1 trillion) a year earlier after tracking their wealth.
“However, total wealth and the number of billionaires are likely to have continued to decline since March 2022 due to the decline in asset prices,” UBS said.
Pictured: New York skyscrapers (file photo)
In 2022, 273 new billionaires were added while 360 were lost.
“This is a turning point. Rapidly rising interest rates, reopenings of pandemics and wars in Europe are fueling uncertainty and volatility in markets, with wealth being created and depleted in almost equal measure,” according to UBS’s Billionaire Ambitions report.
“Amidst the instability, some themes remain — especially the broad concept of the smart innovators rising to the top.”
The sectors with the most billionaires were finance and investments (392) and technology (348).
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Asia Pacific’s billionaire population remained the largest, but decreased by 59 to 1,084.
“China’s zero-Covid policy has slowed growth after many years as the world’s fastest-growing major economy,” UBS said, as the number of Chinese billionaires fell from 626 to 540.
The number of billionaires in the US rose from 724 to 735.
The number in Western Europe fell from 474 to 467; and in Eastern Europe from 154 to 127. The number in the Middle East and Africa fell from 91 to 89.
The billionaires’ fortunes soared in 2021 thanks to an ultra-loose monetary policy introduced to contain the shock of the Covid-19 pandemic, which sent stock markets soaring, the report said.
The 10 richest people in the world
Pictured: Bernard Arnault, chairman and chief executive officer of LVMH
According to net worth
1: Bernard Arnault and family – £152.6 billion ($187.2 billion)
2: Elon Musk – £150.8 billion ($185.0 billion)
3: Gautam Adani – £109 billion ($133.7 billion)
4: Jeff Bezos – £92.6 billion ($113.6 billion)
5: Warren Buffett – £86.6 billion ($106.2 billion)
6: Bill Gates – £86.3 billion ($105.8 billion)
7: Larry Ellison – £83.9 billion ($102.9 billion)
8: Mukesh Ambani – £75.1 billion ($92.1 billion)
9: Carlos Slim Helu and family – £67.4 billion ($82.6 billion)
10: Larry Page – £66.5 billion ($81.5 billion)
Source: Forbes – The real-time list of billionaires
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Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
