On Thursday, UBS, which is not only the biggest bank in Switzerland but is also one of the world’s largest wealth managers, said that the number of billionaires in the world decreased in 2022. Several reasons have been mentioned by UBS including the Russia-Ukraine war, China’s slowdown in its economy (due to its Covid policy), tightening of monetary policy and falls in the stock markets.
According to UBS there were 2,668 billionaires with a cumulative fortune of about $12.7 trillion, in March 2022. In March 2021, there were 87 additional billionaires with a cumulative fortune of $13.1 trillion. And fans are excited to learn who is going to make the list in 2023.
UBS also said that there might have been a further decline since March as asset prices have fallen in the interim.
The Switzerland bank’s Billionaire Ambitions report also said that fortunes were shifting, interest rates were rising, pandemic shutting and opening as well as the war in Europe were creating market uncertainty as well as volatility. It stated that wealth creation and erosion were happening almost at an equal level.
UBS also noted that smart innovators continued to rise to the top despite instability and the following two sectors had the most billionaires:
Finance and Investment–392
Technology–348.
Billionaires were up or down in different countries in the world some of which are as follows
U.S.A from 724 to 735
China from 626 to 540
Western Europe from 474 to 467
Middle East from 91 to 89
Africa from 91 to 89.
Forbes– The Real Time Billionaire’s List (which might change as fortunes go up and down due to rise and fall of stock prices).
Bernard Arnault & family–$187.2 B
Elon Musk–$185 billion
Gautam Adani–$133.7 billion
Jeff Bezos–$113.6 billion
Warren Buffet–$106.28 billion
Bill Gates–$105.8 billion
Larry Ellison–$102.9 billion
Mukesh Ambani–$92.1 billion
Carlos Slim Helu & family–$82.6 billion
Larry Page–$81.5 billion.
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