Banking billionaires: How wealth managers cater to the super wealthy [Yahoo! Finance]
CAPGEMINI SE UNSP/ADR (CGEMY)
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Source: Yahoo! Finance
A handful of studies have shown that wealth at the very top has fallen. This year's Capgemini ‘World Wealth Report' said the number of millionaires fell for the first time in seven years. UHNWIs – those worth over $30 million – accounted for 75% of the decline of wealth in 2018. Their number dropped by 6%. “The steady rise in global wealth growth came to a sharp halt in 2018”, was the opening line of the BCG ‘Global Wealth Report 2019'. Finally , Forbes counted 247 fewer billionaires this year compared to the year before, as the fortunes of the richest plummeted. Market volatility, global trade tensions and economic slowdown were to blame for the slowdown according to Wealth-X which reckons billionaire wealth declined 7% to $8.6 trillion in 2018 with the number of billionaires dropping 5.4% to 2,604. This punishing blow to their net worth has led to changes in a typical billionaire's portfolio over the last 12 months, says Maya Imberg, director, Thought Leadership and Data An
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