Home / Business / The global superrich lost $ 2 trillion in 2018 and Trump's trade war is blamed

The global superrich lost $ 2 trillion in 2018 and Trump's trade war is blamed



You might want to think about the richest people in the world, who managed to lose a huge amount of money last year – $ 2 trillion to be exact.

The US-China trade war and growing global tensions played a significant role, according to the French consulting firm Capgemini, which publishes the World Wealth Report.

"Geopolitical unrest and trade wars have forced countries to adopt a loose monetary policy to encourage economic growth," the report says. "Another blow to the global economy has been the decline in global trade, which has gone from 5% in early 2018 to almost zero by the end of the year. decline in the global economy, coupled with higher volatility rates. "

Given this, it may not be surprising that the Chinese super market lost $ 500 billion, the equivalent of all the collective losses suffered by Europe.

The comparison between North America and South America was relatively weak, which may indicate that the United States and President Donald Trump had the advantage over the trade negotiations .

The Middle East is the only region where the rich got rich last year.

Report on Wealth in the World 2019.
Capgemini

The report summarized that the performance of the Middle East was due to "improved oil prices, combined with important fiscal and structural reforms aimed at countering the impact of falling oil prices. oil, has stabilized the economic platform of the region ".

Kuwait and Saudi Arabia have benefited the most, their superrich increasing their wealth by 8% and 7%.

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The biggest losers, however, were equally obvious. Because of the concentration of wealth at the top, those who have the most to lose – the top 1% of all wealthy individuals – have been hardest hit. Together, they managed to lose 6% of their wealth, which attracted $ 1.5 trillion.

This is the first time in seven years that the rich have experienced an economic slowdown, according to Capgemini, as global stock markets collapsed in the second half of 2018, eroding the net worth of many people.


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