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BILLIONAIRE CENSUS 2019 APPLIED WEALTH INTELLIGENCE WEALTH-X 2019 THIS PUBLICATION IS FOR YOUR INFORMATION ONLY AND IS NOT INTENDED AS AN OFFER, OR A SOLICITATION OF AN OFFER, TO BUY OR SELL ANY PRODUCT OR OTHER SPECIFIC SERVICE. ALL INFORMATION AND OPINIONS INDICATED ARE SUBJECT TO CHANGE WITHOUT NOTICE. RICHARD GREEN CHIEF EXECUTIVE OFFICER MANUEL BIANCHI MANAGING DIRECTOR AND GLOBAL HEAD OF BUSINESS DEVELOPMENT MICHAEL PHILLIPS VICE PRESIDENT, MARKETING AND COMMUNICATIONS LEAD AUTHORS MAYA IMBERG DIRECTOR, THOUGHT LEADERSHIP AND DATA ANALYTICS MAEEN SHABAN DIRECTOR, RESEARCH AND DATA ANALYTICSSTEPHANIE WARBURTON SENIOR GRAPHIC DESIGNER BILLIONAIRE CENSUS 2019WEALTH-X BILLIONAIRE CENSUS 2019 TABLE OF CONTENTS EXECUTIVE SUMMARY _1 INTRODUCTION _ 2 GLOBAL BILLIONAIRE MAP _ 3 BILLIONAIRE PERFORMANCE IN 2018 _ 5 BILLIONAIRE WEALTH TIERS _ 9 TOP 15 BILLIONAIRE COUNTRIES _ 11 TOP 15 BILLIONAIRE CITIES _ 13 PROFILING TODAYS BILLIONAIRES - ASSET HOLDINGS, INDUSTRY, GENDER AND WEALTH SOURCE _ 16 BILLIONAIRE INTERESTS, PASSIONS, AND HOBBIES _23 BILLIONAIRE ARCHETYPES _ 27 METHODOLOGY _30 ABOUT WEALTH-X _30 1 WEALTH-X BILLIONAIRE CENSUS 2019 EXECUTIVE SUMMARY THE GLOBAL BILLIONAIRE POPULATION AND ITS WEALTH DECLINED IN 2018. Amid a slowdown in global growth, persistent trade tensions and a late-year slump in equity markets, billionaire wealth declined by 7% to $8.6trn; while the billionaire population declined by 5.4% to 2,604, only the second time it suffered an annual fall since the financial crash a decade ago. NORTH AMERICA WAS THE ONLY REGION TO RECORD AN INCREASE IN ITS BILLIONAIRE POPULATION. Following dynamic growth a year earlier, the decline in the global billionaire population in 2018 was led by Asia-Pacific, which registered a fall of 13%. The number of billionaires in the EMEA region dropped by 5%, but there was a modest expansion of the billionaire class in the Americas (+1%), driven by a 3% increase in North America. BILLIONAIRE WEALTH FELL IN ALL REGIONS, WITH THE LARGEST DECLINE IN ASIA- PACIFIC. A weak equity market performance on the back of slowing growth, tariff disputes and emerging-market volatility resulted in a 9% drop in billionaire net worth in Asia-Pacific, outpacing falls of 7% in EMEA and 6% in the Americas. AT A COUNTRY LEVEL, BILLIONAIRE PERFORMANCES DIVERGED IN 2018. Among the top 15 countries by billionaire population, all saw a fall in the number of such individuals apart from the US and three European countries the UK, Russia and France. All the major Asia-Pacific billionaire countries China, Hong Kong, India and Singapore declined in population and total wealth. Meanwhile, despite positive equity markets and expanding economies, billionaires fortunes worsened in Saudi Arabia and the UAE. BILLIONAIRES ARE INCREASINGLY CONGREGATING IN A CLUSTER OF CITIES. The top 15 billionaire cities accounted for almost 30% of the global billionaire population in 2018, with a total of 773 billionaires. Despite a year-on-year fall in number, the share of the top 15 cities increased by more than 1%. New Y ork continues to be the dominant billionaire city, while Los Angeles and So Paulo were the only cities to experience a rise in their rankings within the top 15. In terms of billionaire density , San Francisco is the clear leader. BILLIONAIRES HAVE CREATED THEIR WEALTH THROUGH A WIDE VARIETY OF INDUSTRIES. While no single industry dominates, banking/finance and industrial conglomerates accounted for a third of the global billionaire populations primary industry focus in 2018. In eighth position, with 125 individuals, the not-for-profit sector has, over time, become a major area of focus for billionaires. Many individuals, once they have consolidated their fortunes, make the full-time transition toward building a philanthropic legacy. PHILANTHROPY IS THE LEADING PASSION OR HOBBY AMONG BILLIONAIRES. More than half of all billionaires are known to be actively involved in philanthropic endeavors. Within this context, there is also an increasing expectation from society for billionaires to give back. Other interests include sports, politics and art all of which see high-profile involvement by numerous billionaires across the world. To Table of Contents2 WEALTH-X BILLIONAIRE CENSUS 2019 INTRODUCTION Our latest edition, the Wealth-X Billionaire Census 2019, analyzes the status of the worlds billionaires, who, despite being modest in number and falling in 2018 hold immense wealth and wield a significant influence over the global economy. W e explore the drivers behind this fall in the global billionaire population, the role of financial markets and the impact of key political and economic developments on billionaire net worth. W e examine regional trends, from the significant decline in billionaire numbers and wealth in Asia-Pacific, to a more variable performance in the US. W e draw on our extensive knowledge base to rank the leading billionaire countries and cities of the world. W e analyze the main asset holdings, industry concentration, gender distribution and sources of wealth in the global billionaire class. The report also delves into the interests and passions of the worlds billionaire population, mining data to highlight the diversity among billionaires of differing wealth levels, and undertaking a particular focus on philanthropy and sport. The Billionaire Census 2019 also examines the key characteristics of four archetypal groups based around geography: those from the US, China and Germany, the top three billionaire countries. This deep-drill reveals contrasting trends across the selected billionaire groups. Wealth-Xs comprehensive database of billionaires (as defined by net worth) provides an unrivaled insight into the status of the worlds wealthiest individuals, their characteristics and what makes them tick; and the issues that will have an impact on their future wealth creation. To Table of Contents P 7 35 M DDLST 795 S 85 3 N THM 53 32 LT NMND TH BBN 9 9 P 3 ge i weltfrom ge i popultiofrom B ppu Num T ($) Source: Wealth-X 4 WEALTH-X BILLIONAIRE CENSUS 2019 3 WEALTH-X BILLIONAIRE CENSUS 2019 To Table of Contents5 WEALTH-X BILLIONAIRE CENSUS 2019 THE RETURN OF VOLATILITY In contrast to the buoyant wealth gains enjoyed in 2017, when almost every major asset class delivered strong returns, the year 2018 proved more challenging for the global billionaire class. The total number of billionaires declined by 5.4% to 2,604 individuals, only the second annual fall since the financial crash a decade ago. Against a backdrop of heightened market volatility , global trade tensions and a slowdown in economic growth, the combined wealth of the worlds billionaires dropped by 7% to $8.6trn. This weaker performance should be placed in context, as it followed a year of unprecedented wealth creation in 2017, when the global billionaire population surged to an all-time high. The number of billionaires today, and their combined fortunes, remain well above the levels of two years ago. However, there was a loss of momentum in the world economy and asset markets over the second half of 2018, which culminated in sharp falls in equities and investor sentiment in the final quarter. The MSCI World Index ended the year down 10%, with commodities and Asian stocks among the worst hit. Key drivers were the broadening trade war between the US and China, which weighed on demand across Asia, and tightening global liquidity conditions, as major central banks continued a gradual withdrawal from the post- crisis monetary excess. A related strengthening of the US dollar encouraged capital outflows from emerging markets, triggering currency volatility and risk aversion. Added to the mix BILLIONAIRE PERFORMANCE IN 2018 To Table of Contents Source: Wealth-X Region 2018 2017 Asia-Pacific EMEA The Americas-13.4%-4.6%0.9%-8.7%-7.1%-5.8% Change in population Change in wealth World 707 1,005 892 Number of billionaires 2,604 2,228 2,795 3,540 Total wealth ($bn) 8,562 816 1,054 884 Number of billionaires 2,754 2,440 3,007 3,758 Total wealth ($bn)9,205 -5.4% -7.0% % Change % Change6 WEALTH-X BILLIONAIRE CENSUS 2019 were a sharp fall in global technology shares and disruption in the automotive sector from new emissions regulations. Meanwhile, geopolitical instability was ever present, amid rising anti-elite and anti-immigrant sentiment, an increasingly isolationist US, a torturous Brexit process in the UK, a populist shift in South America, and international tensions with Saudi Arabia and Iran. BUMPY RIDE The Americas fared the best of the three main regions, recording a slight rise in the number of billionaires. This was due almost exclusively to a 3.7% increase in the billionaire population of the US consolidating its position as the worlds dominant billionaire country which more than offset falls elsewhere in the region, including in Canada, Mexico and Brazil. Average billionaire net worth declined, however, as all countries in the Americas saw a reduction in their billionaire wealth, including a 4.9% drop in the US. Some support for wealth creation came from a stronger US dollar, lifted by quarterly interest-rate hikes by the US Federal Reserve, and from the major tax reform package approved in late 2017, which boosted corporate earnings. However, despite solid GDP and employment gains, these factors were overridden by the headwinds of weakening global demand, escalating trade tensions and increased investor concern at the pace of monetary tightening. A late-year spike in the Vix index, the fear gauge commonly used in financial markets, accompanied an equity sell-off, which dragged the tech-heavy NASDAQ index into bear market territory. Viewed on an annual basis, however, the US stock market still outperformed most of its peers, which helped to limit the decline in combined billionaire wealth across North America. Emerging-market turbulence, weaker commodity markets and shifting political tides all took their toll in Latin America and the Caribbean, which saw approximately 10% falls in its billionaire population and combined net worth. New governments with different policy directions entered office in the two largest economies, Brazil and Mexico; while Argentina suffered a mid-year currency slump that led to renewed IMF intervention. To Table of Contents The Americas fared the best of the three main regions, recording a slight rise in the number of billionaires.7 WEALTH-X BILLIONAIRE CENSUS 2019 Across the Asia-Pacific region as a whole, the billionaire population declined by 13.4%, with its combined wealth down by 8.7%. Asias billionaire class recorded the largest drop, driven by substantial falls in the billionaire populations of China, India and Singapore. Although these only partially offset the huge gains of a year earlier, the total number of Asian billionaires (677) fell back below that of North America (750). Their combined wealth declined by 8.5%, slightly more than the world average, with Asias share of global billionaire wealth edging down to 26%. Chinas tariff conflict with the US was a major factor, weighing on demand, sentiment and returns across Asia, which were compounded by a cyclical slowdown in growth, capital outflows, a lending clampdown in Chinas banking sector and currency weakness against the US dollar. This deteriorating economic environment more than offset support for wealth creation from ongoing policy reforms and higher infrastructure spending, underlining the importance of asset and currency markets to the development of billionaire wealth. As elsewhere, Asian equities tumbled in late 2018, with the Shanghai Composite Index down by 25% in local currency terms over the year as a whole, and Japans Nikkei down 12% lower. The region with the largest billionaire population, Europe, the Middle East and Africa (EMEA), recorded a much slower rate of decline in billionaire numbers (-4.6%) than Asia- Pacific, but a fall in combined wealth of 7.1% was only slightly lower, implying larger average losses. Performance varied across the region, with the billionaire population in Europe registering the smallest falls, whereas the Middle East saw the slowest pace of decline in billionaire net worth. Overall, the region accounted for 33% of global billionaire wealth, unchanged from a year earlier. In Europe, a fall of 7% in combined billionaire net worth was twice the rate of the decline in billionaire numbers, with the UK a major contributor to this pattern. The governments unpredictable Brexit negotiations with the EU, weakening trends in UK growth, equities, its housing market and investor sentiment contributed to a 17% slump in combined billionaire wealth. At the same time, increased volatility and uncertainty presented new channels To Table of Contents Within the Asia-Pacific region, Asias billionaire class recorded the largest drop, driven by substantial falls in the billionaire populations of China, India and Singapore. 8 WEALTH-X BILLIONAIRE CENSUS 2019 of wealth creation, with the UKs billionaire population rising in size. Elsewhere, a loss of momentum in eurozone growth gathered pace over the second half of 2018, with Germanys export-oriented economy, in particular, hit by the slowdown in global demand, alongside political tensions in France and Italy. Financial markets lost ground as the European Central Bank delivered on its pledge to cease its asset-purchase program of monetary stimulus at years end, despite the weakening outlook. Russia was a notable outperformer in the region, buoyed in part by higher commodity production. The Middle East experienced a 7.9% fall in billionaire numbers, which translated to a 6.5% drop in its collective wealth, marginally better than the global average. Support from gradually rising oil prices reversed sharply in late 2018, when commodity markets slumped amid the broader global slowdown. Equities fared better than in most other regions, but geopolitical risks, the weaker trend across emerging
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