The world's richest people saw their net worth fall by six per cent - $2TRILLION - last year, with the Middle East the only region where the mega-wealthy bucked the trend
- People worth $30 million or more saw wealth decrease by six per cent last year
- This accounted for 75 per cent of the total decrease in global wealth last year
- The Middle East was the only region where the mega-rich didn't lose money
The world's richest people saw their wealth decline by $2 trillion last year, according to a new report.
Capgemini's World Wealth Report 2019 shows that the top one per cent, people worth $30 million or more, saw their money decrease by six per cent.
This accounted for 75 per cent of the total decrease in global wealth last year and the the number of people worth $30 million or more also decreased.
It is the first time in eight years that the super-rich saw their wealth decrease with a slowdown of the Chinese economy one of the main reasons.
However, nearly all regions saw the wealth of rich individuals fall, although it is unknown if the world's richest man Jeff Besoz was affected.
Nearly all regions saw the wealth of rich individuals fall, it's unclear if Jeff Besoz was personally affected but the top one per cent saw their wealth decrease by six per cent
The Middle East was the only one to buck the trend with a six per cent rise in wealth mainly due to strong financial markets over the past year.
Prince Alwaleed Bin Talal Alsaud of Saudi Arabia is the richest man in Saudi Arabia, with a net worth of $20.4 billion.
The decline in global wealth was driven by China and the Asia-Pacific region which accounted for $1 trillion of the global decline.
Share this article
In this region, high-net-worth individuals decreased by two per cent and their wealth by five per cent.
The report said: 'China alone was responsible for more than half (53%) of Asia-Pacific and more than 25% of global HNWI wealth loss.'
According to the report, UK economic growth is at its lowest point since 2012 mainly because of 'political paralysis triggered by Brexit', which is creating market uncertainty.
The loss in wealth of the richest accounted for 75 per cent of the total decrease in global wealth last year (pictured is Bill Gates)
Anirban Bose, chief executive officer of Capgemini Financial Services, said: 'While the volatile economic environment of 2018 led to high net worth individuals' wealth declining globally, wealth managers have been extremely successful in maintaining strong levels of client trust.
'However, future success will depend on the agility of wealth management firms to evolve the client experience and find new ways to add value through more personalised services.
'Next-generation technology and closing expectation gaps will aid this, but the landscape is shifting so quickly that companies must not be afraid to overhaul their strategy and business models if needed.'
