Global stock market rout leaves world with 57 fewer billionaires

Big fall in wealth in China as combined fortunes of ultra-rich dips for first time since financial crisis, says UBSThere were 57 fewer billionaires on the planet at the end of last year than there were a year earlier, as the global stock market rout stripped the world’s wealthiest people of a collective $388bn (£302bn). It is the first time that billionaires’ wealth has fallen since the 2008 global financial crisis.According to a report by the Swiss bank UBS, the number of people with a paper fortune that stretches to ninen zeros fell from 2,158 in 2017 to 2,101 in 2017. Billionaires’ collective fortunes dropped by 4.3% from a record $8.9tn to $8.5tn. It is still more than eight times the value of Apple, the world’s most valuable company. Continue reading…

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