World’s billionaires lose PS215m each as global economy fightings

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Study ascertains billionaire population grew in 2015, but total wealth of these working groups fell by virtually 250 bn as economic growth stalled

The worlds billionaires ensure their wealth shrink by an average of 215 m each last year, as economic headwinds reached themselves felt.

A report published on Thursday by UBS and PricewaterhouseCoopers has found that falling commodity prices helped put billionaires under pressure at a time of stalling growth in technology and finance, the motors of wealth creation.

The studys novelists found that Asia is creating a new billionaire every three days, but the US billionaire population only grew by five in 2015. Europes wealthiest people were demonstrating the most resilient, research reports said.

In 2015, the global billionaire population effectively increased by 50 to 1,397, according to the study, but the total wealth of these people fell by $300 bn( 246 bn) from $5.4 tn to $5.1 tn, an average loss of 215 m per person.

The study said 210 people became members of the billionaires club in 2015, more than half of whom were in Asia, where young entrepreneurs are rapidly becoming wealthy in sectors such as real estate, technology and retail.

At the same time, 160 people lost their billionaire status, including those who died. One-third of the billionaires covered by the study are aged over 70.

The writers said: Great wealth creation lost some of its momentum in 2015 It is still too early to tell if the past 30 years extraordinary period of wealth creation is coming to an end, but its clearly slowing.

A total of 113 Asian entrepreneurs reached billionaire status during the year, accounting for 54% of the global total in 2015.

The US is still home to the worlds largest collect of billionaires, but while 41 people there broke through the billion dollar ceiling in 2015, 36 fell off the listing. Total US billionaire wealth fell by 6% from $2.6 tn to $2.4 tn. So the US is still creating a few new billionaires, but its billionaire wealth is flagging, research reports said.

Europe was leading the world in wealth preservation, the authors said, with multigenerational billionaires coming out of 2015 far better than their peers in other markets. While it may not be the best at creating great wealth, Europe has proved the best at preserving it, the report said.

The novelists predicted that the biggest handover of wealth to the next generation was imminent. Researchers forecast that 460 billionaires will pass $2.1 tn, the same as Indias GDP in 2015, on to the next generation over the coming 20 years.

The report does not name any billionaires, but according to Forbes, the Microsoft founder Bill Gates is the worlds richest human with a net worth of $82 bn, followed by the Zara founder Amancio Ortega on $77 bn. The Facebook co-founder Mark Zuckerberg is in fifth place with $55 bn.

For the billionaires who fought last year, such studies said it expected the performance of the financial markets and economic growth to create a favourable environment for billionaire wealth creation in 2016 and 2017.

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