New research has found most people who were dollar billionaires in 1995 aren’t billionaires any more. This is according to a report from UBS Group AG and PricewaterhouseCoopers (PwC). Using the wealth index of 20 years ago, the study has found almost all of the world’s richest families, as benchmarked 20 years ago, have seen their fortunes shrink during the past two decades.
Of course some families and individuals have held onto or increased their colossal fortunes. However, 56 percent of people who were valued at $1 billion in net worth in 1995 are no longer in this category today. Interviewed by Bloomberg, Michael Spellacy, a senior partner at PwC, noted wryly: “Great wealth is volatile — highly volatile.”
In 1995 there were 289 dollar billionaires. Taking out 56 percent means 169 have fallen off the list (although probably not into abject poverty). With the 169:
24 had their wealth diluted among family members;
66 lost their monwey to the old certainties of death and taxes;
73 saw fortunes decline due to business failures (including many caught up in the collapse of technology stocks).
Where 169 have fallen away, may more have joined the ranks. There are now over 1,300 billionaires in the world. These are generally to be found in the finance, technology or the consumer and retail industries.
