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Billionaires' wealth fell by $388 billion globally for the first time in a decade

According to a report by UBS and PwC, the wealth of billionaires fell for the first time in a decade. The wealth of billionaires fell by $388 billion globally to $8.539 trillion. The maximum decline was noticed in China, which homes the second most number of billionaires after the US. According to UBS, this decline might be a result of the ongoing US-China trade war. This is the first dip in billionaires' wealth since 2008.