Billionaires' wealth falls for first time since 2015
Friday, 8 November 2019 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 since 2015.
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 since 2015. Francis Maguire reports.
A team of UBS investment strategists studied how the passing of Ruth Bader Ginsberg would effect the health care industry. UBS said Ginsburg death will increase uncertainty within the healthcare sector. According to Business Insider they still list it as "moderately preferred" in their broader sector allocation. Their analysis rests on the outcome of a Supreme Court decision involving the constitutionality of the individual mandate component of the ACA.
There have been back-to-back weeks of stock market declines. In a note UBS said the steady declines should be used by investors as an opportunity to buy stocks at better levels. Record highs were recorded on September 2. Now, the S&P 500 is down 7%, while the Nasdaq 100 is down 10%. UBS expects markets to "refocus on the positives."
Wealth manager UBS did a survey of investors thoughts on the 2020 Presidential race. According to Business Insider, investors favor US President Donald Trump to support the economy. They also favor presidential nominee Joe Biden to manage COVID-19 effectively. A majority of wealthy investors said Biden would get their vote, while business owners said they would prefer a Trump reelection.
· *Hong Kong regulators fined UBS roughly $51 million on Monday for overcharging wealthy clients for a decade.*
· *The country's Securities and Futures... Business Insider Also reported by •Business Wire