The globe's wealthiest individuals saw their fortunes shrink by a combined $1 trillion in 2018
People walk by a representation of a pig, a symbol of prosperity, in Beijing on Wednesday. A list by Hurun Report shows the market meltdowns in 2018 obliterated $1 trillion in wealth, with more than 200 of China's richest individuals losing their billionaire status.
“Poor stock market performances and an appreciating dollar were the main reasons for this year’s record drop in billionaires,” Rupert Hoogewerf, founder of the Hurun Institute, said in a statement. “Despite the strong dollar and its tax cuts, the USA added only 13 billionaires, but made it harder for the rest of the world to make the cut.”
“Despite the slowdown in the Chinese economy, there is significant innovation going on,” Hoogewerf said in a statement. “China entrepreneurs have the advantage of scalability and a strong venture capital scene.” The impact of the trade war on the United States was offset by tax cuts and tighter monetary policy by the Federal Reserve that boosted the strength of the dollar. Although last year was the worst year for U.S. stock markets in a decade, the nation still boasts the second-highest number of billionaires, with 584.
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