It’s being over a decade since we saw this kind of change. Nearly every billionaire wealth has fallen since last year and this change gives the world’s richest people heat and they are seriously worried. It was confirmed by John Mathews UBS Wealth Management of Americas’ head of ultra high net worth.
The wealth of Billionaires have been on a steady growth and speedy raise in the last two decades, but last year being 2015 wasn’t a good one for Billionaire as the pool of money belonging about 1,400 billionaires of the World has fallen by $300 billion. The new study by UBS and PricewaterhouseCoopers as show that this drastic change was from $5.4 trillion to $5.1 trillion fall.
It has been noted that the number of ultra-rich continues to grow as 210 new billionaires recently joined the elite club, but nearly 160 Billionaires also fell from their initial level to the ranks of millionaires, making regard to the study. Majority of the Worlds richest men that fell below $1 billion were in Asia.
During the study about 60 billionaires were interviewed including their heirs, many of them confirmed that it pressurized and made them worried, more than they’ve been for years, over this continued low interest rates, that is increasing the global protectionism and the dilution of their wealth by heirs.
The authors report read “Billionaire wealth lasts less time than thought.”
About 70 percent heirs of the billionaire empire has lost their corners from being a Billionaire to becoming a millionaires. For some, it’s the fast time they are experiencing this, however, we got to know that another 20 percent also lost theirs.
Nearly all billionaires in the U.S. are beyond 70 years, meaning that over trillions of dollars are estimated to be handed down to the younger generations over the coming years.
Well, lets not jump into conclusion yet until we see the out-come of this year’s study. maybe there would be a bounce back, just maybe!