The unexpected has happened: Billionaires on average became poorer last year, a study by PwC and UBS revealed. Does that herald the end of two decades of unabated fortune creation, or is it just a lull?
The world's billionaires saw their collective wealth shrink in 2015, a fresh survey by consultancy PwCand wealth manager UBS pointed out Thursday.
The study found that transfers of assets within families, plummeting commodity prices and a stronger greenback were some of the root causes for the total wealth of billionaires to drop by $300 billion (272 billion euros) to $5.1 trillion last year.
According to the survey, there were 1,397 billionaires in 2015, marking a net gain of 50 over the previous year, with China cranking out a new one nearly every three days.
Asset transfers
But the average billionaire was worth only $3.7 billion, the study said which looked into 14 big markets.
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