The wealth of the world's billionaires decreased by $ 388 billion (Rs 27.55 lakh crore) last year to $ 8.53 trillion (Rs 606 lakh crore). It declined for the first time after 2015. This happened due to volatility in global politics and instability in stock markets. Multinational investment bank UBS and professional services firm PwC released the report on Friday.

According to the report, in terms of the number of billionaires, there was a sharp decline in the wealth of the rich people of Greater China, another big country. His net worth declined by 12.3%. The rich lost due to decline in the stock market, currency and growth rate there. There 48 people got out of the list of billionaires. Despite this, a new person is becoming a billionaire in China every other day.

The wealth of billionaires from across the Asia-Pacific region, including China and India, decreased significantly last year. Private banks around the world, including UBS, believe that because of the trade war between the US-China and the volatility in global politics, investors kept away from the stock market, they focused more on depositing money.

The number of billionaires decreased last year in countries other than the US. Technology-related businesses in America are consistently making a place in the rich list. By the end of 2018 there were 749 billionaires.