Billionaires in the US fared better than billionaires generally in 2018—here's why (via CNBCMakeIt)
Billionaires around the world saw their total wealth decline by 7% from 2017 to 2018, according to Wealth X's Billionaire Census 2019. At the same time, the number of these ultra-high-net-worth individuals fell from 2,754 to 2,064.The U.S. was one of the few countries that saw its UHNW population grow from 2017 to 2018, per the report, and America's richest people lost only around 5% of their total wealth, far less than their peers did in most other regions.
Trade tensions, declines in equity markets and a slowdown in economic growth hurt billionaires around the world in 2018, according to the report, but U.S. billionaires were able to stave off some of the worldwide decline thanks in part to domestic economic conditions and tax cuts. While the U.S. stock market ended down for the year, the report notes that on an annual basis it out-performed other global markets, solidifying the U.S. as the"world's dominant billionaire country."
Total U.S. billionaire wealth fell from $3.2 trillion to $3.013 trillion. Still, UHNW individuals in other countries fared worse. China saw its billionaire population decrease by almost 16%, from 338 individuals in 2017 to 285 last year, and the super rich there lost 8% of their total wealth.
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