BIL­LION­AIRES LOS­ING THEIR SHINE

Khaleej Times - - FRONT PAGE -

zurich — The world’s rich­est peo­ple be­came a lit­tle less well off last year, ac­cord­ing to a re­port by UBS and PwC, as geopo­lit­i­cal tur­moil and volatile eq­uity mar­kets re­duced the wealth of bil­lion­aires for the first time since 2015.

Bil­lion­aires’ wealth fell by 4.3 per cent glob­ally to $8.5 tril­lion last year, the UBS/ PwC re­port found, with a sharp de­cline in Greater China, in­clud­ing Hong Kong, and the Asia-Pa­cific re­gion more broadly.

Pri­vate wealth in Hong Kong fell 4 per cent in 2018 to $319.8 bil­lion, the re­port showed, with months of anti-govern­ment protests in the Chi­nese-ruled city and an eco­nomic re­ces­sion cloud­ing the out­look this year.

Some Hong Kong ty­coons have be­gun mov­ing per­sonal wealth off­shore, Reuters re­ported in June, as con­cerns deepen over the protests.—

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