The world's richest people became a little less well off last year, according to a report by UBS&nbsp;and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade.

Billionaires' wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found, with a particularly sharp decline in Greater China - the second-biggest home for billionaires after the United States - and the Asia-Pacific region more broadly.

Private banks including the world's largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients, last year shied away from trading and taking on debt in favour of hoarding more cash.

"Billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics," UBS's head of ultra-high net worth clients, Josef Stadler, said in the report published on Friday.

The net worth of China's richest dropped 12.8% in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world's second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires' list.

Despite the drop, China continues to produce a new billionaire every 2-2.5 days, Stadler said.

Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States' wealthiest.

"This report shows the resilience of the US economy," where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.

While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world's richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.

"It is likely that billionaire wealth will go up again this year," said Simon Smiles, UBS's chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

The world's richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade.

The world's richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade. Billionaires' wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found, with a particularly sharp decline in Greater China - the second-biggest home for billionaires after the United States - and the Asia-Pacific region more broadly. Private banks including the world's largest wealth manager UBS have felt the effects of US-China trade tensions and global political uncertainties, as clients, last year shied away from trading and taking on debt in favour of hoarding more cash. "Billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics," UBS's head of ultra-high net worth clients, Josef Stadler, said in the report published on Friday. The net worth of China's richest dropped 12.8% in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world's second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires' list. Despite the drop, China continues to produce a new billionaire every 2-2.5 days, Stadler said. Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States' wealthiest. "This report shows the resilience of the US economy," where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States. While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world's richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash. "It is likely that billionaire wealth will go up again this year," said Simon Smiles, UBS's chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

Billionaires' wealth falls for the first time in a decade

Indian shares were trading flat on Friday, tracking subdued Asian peers, as investors stayed on the sidelines after concerns over US-China trade tensions resurfaced.

The NSE Nifty was 0.05% higher at 11,587.45 as 0353 GMT, while the BSE Sensex was up 0.03% at 38,836.33.

The US President Donald Trump said on Thursday <a href="https://www.wionews.com/world/china-fails-to-buy-agricultural-goods-as-promised-donald-trump-235155">China was not living up to promises</a> it made on buying agricultural products from farmers in the United States.

"US-China tensions are the variable which will continue to haunt investors worldwide," Saurabh Jain, assistant vice-president research, SMC Global Securities, said.

"Not much good can happen on the trade front between these two countries, with Trump unlikely to back down on his tariffs."

However, expectations of an interest rate cut by the US Federal Reserve limited losses in the broader market. MSCI's broadest index of Asia-Pacific shares outside Japan inched 0.05% lower.

Meanwhile, <a href="https://www.wionews.com/india-news/india-us-begin-trade-talks-new-delhi-says-keep-bigger-picture-in-mind-235057">India and the United States</a> will resume trade talks on Friday, with little sign of a compromise on a series of protectionist measures taken by both governments in recent months.

The country's IT index was trading up as much 0.52%, with shares of IT services firm Infosys Ltd ticking up as much as 0.8% ahead of its first-quarter results due later in the day.

Shares of InterGlobe Aviation Ltd was trading up as much as 2.55%, reversing losses seen in the last two sessions after one of the co-founders of India`s largest airline IndiGo alleged a violation of corporate governance rules at the parent group.

Shares of KPR Mill Ltd fell as much as 6.21% - its lowest since April 15. The textile manufacturer on Thursday became the first company to withdraw a buyback proposal after the government in the Union budget last week imposed an additional 20% tax on buybacks by listed companies.

Indian shares were trading flat on Friday, tracking subdued Asian peers, as investors stayed on the sidelines after concerns over US-China trade tensions resurfaced.

Indian shares were trading flat on Friday, tracking subdued Asian peers, as investors stayed on the sidelines after concerns over US-China trade tensions resurfaced. The NSE Nifty was 0.05% higher at 11,587.45 as 0353 GMT, while the BSE Sensex was up 0.03% at 38,836.33. The US President Donald Trump said on Thursday China was not living up to promises it made on buying agricultural products from farmers in the United States. "US-China tensions are the variable which will continue to haunt investors worldwide," Saurabh Jain, assistant vice-president research, SMC Global Securities, said. "Not much good can happen on the trade front between these two countries, with Trump unlikely to back down on his tariffs." However, expectations of an interest rate cut by the US Federal Reserve limited losses in the broader market. MSCI's broadest index of Asia-Pacific shares outside Japan inched 0.05% lower. Meanwhile, India and the United States will resume trade talks on Friday, with little sign of a compromise on a series of protectionist measures taken by both governments in recent months. The country's IT index was trading up as much 0.52%, with shares of IT services firm Infosys Ltd ticking up as much as 0.8% ahead of its first-quarter results due later in the day. Shares of InterGlobe Aviation Ltd was trading up as much as 2.55%, reversing losses seen in the last two sessions after one of the co-founders of India`s largest airline IndiGo alleged a violation of corporate governance rules at the parent group. Shares of KPR Mill Ltd fell as much as 6.21% - its lowest since April 15. The textile manufacturer on Thursday became the first company to withdraw a buyback proposal after the government in the Union budget last week imposed an additional 20% tax on buybacks by listed companies.

Nifty, Sensex subdued as trade tensions resurface, Infosys up ahead of results

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Billionaires' wealth falls for the first time in a decade

Nifty, Sensex subdued as trade tensions resurface, Infosys up ahead of results