Billionaires get richer, many millionaires lose ground
SINGAPORE (Reuters) - Many millionaires got poorer in the last year, but billionaires did just fine, using their heavyweight money management teams to ride out market and economic turmoil that hit the lesser rich, research company Wealth-X said on Monday.
The ranks of people with at least US$30 million (S$36.7 million) edged up to 187,380 but their total wealth fell 1.8 per cent to US$25.8 trillion - still a sum bigger than the combined size of the US and Chinese economies, Wealth-X said in a report.
Hardest hit globally were those in the US$200 million to US$499 million range, whose numbers dropped 9.9 per cent and whose fortunes shrank 11.4 per cent, the World Ultra Wealth Report said, using data for the year through July 31.
But the really, really rich got even richer as the number of billionaires rose 9.4 per cent to 2,160 people and their wealth grew 14 per cent to $6.2 trillion.