The world's wealthiest are getting poorer—and China is leading the $2 trillion global wealth write off
Capgemini’s World Wealth Report 2019 shows that the ultra-high-net-worth individual population declined by 4%, and their wealth declined by around 6%. This plunge accounted for 75% of the total global wealth decrease.
Investors watch the electronic board at a stock exchange hall in Nanjing, Jiangsu Province of China. The decline in global wealth was driven by China with the Asia-Pacific region representing $1 trillion of the global decline in wealth, as the HNWI population decreased by 2% and HNWI wealth by 5%. The report notes: “China alone was responsible for more than half of Asia-Pacific and more than 25% of global HNWI wealth loss.
He adds: “We don't separate out billionaires, but I don't think that they're immune or exempt from this. UHNWIs is where we've seen the biggest decline and they're a part of that globally.”
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