Last year, the world’s richest citizens saw some $388 billion of their collective wealth evaporate, the first loss in three years. In particular, Chinese tycoons, who now number 48 fewer than in 2018, fared the worst, according to the new UBS and PwC Billionaire Insights Report. Meanwhile, the U.S. now boasts 89 tech billionaires — 19 more than the previous year.
Why the drop? Analysts say a stronger dollar and shakier equity markets, partly riled by political upheaval around the world, have forced “a natural correction” in the billionaire boom.