Because the richest in the world has lost $ 2.9 billion

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Save a gentle thought today for the richest people in the world who lost $ 2 billion ($ A2.9 trillion) last year.

According to the World Wealth Report of this year, the US-China trade war and the growing geopolitical tensions have contributed to the blow due to the enormous financial losses.

"Geopolitical unrest and trade wars forced countries to adopt an accommodative monetary policy to encourage economic growth. Another blow to the global economy was the decline in world trade, which fell from 5% to 5%. beginning of 2018 at almost zero towards the end of the year The trade wars could further drag the global economy, associated with higher rates and market volatility, "the report said.

China has been hit harder, with the welfare of the growing superpower losing $ 500 billion ($ A715 billion) – equivalent to all Europe's losses.

The Middle East, on the other hand, has become richer last year thanks to improved oil prices and structural reforms. Kuwait and Saudi Arabia have increased their wealth of 8% and 7% respectively.

According to Capgemini, the French consulting firm that published the report, it is the first time in seven years that the rich have experienced a recession.

Overall, people with extremely high net worth represented a whopping 75% of the decline.

The report also revealed that Australia had fallen in the world rankings of millionaires, down 4.32% from 278,000 in 2017 to 266,000 last year.

This pushes Australia to 10th place in the global ranking, down one place from the previous year.

Despite the decline in wealth among the rich, trust and satisfaction in asset managers remain high.

Anirban Bose, managing director of Capgemini Financial Services, said: "While the volatile economic environment of 2018 has led to a global decline in the wealth of individuals with high net worth, asset managers have been enormously successful in maintaining high levels of customer trust.

"However, future success will depend on the agility of asset management companies to evolve customer experience and find new ways to add value through more personalized services.

"Next-generation technology and gaps in closing expectations will help, but the landscape is changing so rapidly that companies need not be afraid to review their strategy and business models, if necessary."

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