After five years of growth, the collective wealth of the world's billionaires dropped by 4.3%, or $388 billion, according to a new report from Swiss bank UBS and auditing firm PwC
Companies run by billionaires are better for investorsAn array of economic and financial events were to blame, including trade tensions and market volatility, according to the report.Asia was hardest hitBillionaires in Asia saw their wealth fall the most. Read MoreThe net worth of Chinese billionaires declined by 12.3% when measured in US dollars. About half of that decline is due to a depreciation in the Chinese yuan against the US dollar, according to the report. .
Buoyed by the successes of the tech industry, the US actually minted more billionaires. By the end of 2018, there were 89 tech billionaires, up from 70 in 2017. While the amount of wealth held by billionaires across the Americas was flat, the total number of billionaires went up by 4.8% in 2018 for a total of 749 billionaires in the region. Technology entrepreneurs continued to push the global economy, driving almost a third of the growth in billionaire wealth over the past five years.
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