APAC Billionaires Hit the Hardest in 2018
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Global billionaire wealth and its population have fallen for only the second time since the global financial crisis in 2008, with those in APAC suffering the most.
After reaching record levels the previous year, global billionaire wealth in 2018 declined by 7 percent to $8.6 trillion, while the billionaire population fell by 5.4 percent to 2,604, according to the 2019 edition of Billionaire Census, published by global ultra high net worth intelligence and data company Wealth X.
This fall in wealth was largely caused by a slowdown in global growth, persistent trade tensions and a slump in equity markets, the report said. The findings of the report, which has been published annually since 2013, were based on Wealth-X’s global database of more than 1 million records on the world’s wealthiest individuals.
The report noted that apart from the U.S., U.K., Russia, and France, nearly all of the top 15 countries by billionaire population saw a decline. Asia-Pacific’s billionaire population fell by 13.4 percent, driven by large declines in China, India, and Singapore.
The region also saw the largest decline in billionaire wealth – billionaires here saw their net worth fall by an average of 9 percent, compared to 7 percent in EMEA and 6 percent in the Americas. The report attributed this to three factors: weak equity market performance on the back of slowing growth, tariff disputes, and emerging market volatility.
Top Billionaire Countries
- United States (705 billionaires)
- China (285)
- Germany (146)
- Russia (102)
- United Kingdom (97)
- Switzerland (91)
- Hong Kong (87)
- India (82)
- Saudi Arabia (57)
- France (55)
- United Arab Emirates (55)
- Brazil (49)
- Italy (47)
- Canada (45)
- Singapore (39)
Questions & Answers
Q.What were the primary reasons for the overall decline in global billionaire wealth in 2018?
What were the primary reasons for the overall decline in global billionaire wealth in 2018?
The report attributes the fall in wealth to a slowdown in global growth, ongoing trade tensions, and a slump in equity markets across various regions. These factors collectively impacted the financial standing of billionaires worldwide.
Q.Which specific countries or regions were most affected by the decline in the billionaire population?
Which specific countries or regions were most affected by the decline in the billionaire population?
The Asia-Pacific region saw the largest decline in its billionaire population, specifically driven by significant reductions in China, India, and Singapore. Most of the top 15 countries, apart from the US, UK, Russia, and France, also experienced a decline.
Q.How did the average wealth decline for billionaires in the Asia-Pacific region compare to other global regions?
How did the average wealth decline for billionaires in the Asia-Pacific region compare to other global regions?
Billionaires in the Asia-Pacific region experienced an average net worth decline of 9 percent. This was higher than the 7 percent decline seen in EMEA and the 6 percent decline recorded for billionaires in the Americas.
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