The sixth edition of the Wealth-X Billionaire Census reveals that global billionaire wealth declined by 7% in 2018 after reaching record levels the previous year, and the billionaire population also declined by 5.4% in 2018 to 2,604 individuals.

This is only the second time this population has dropped since the global recession a decade ago. The report attributes this significant decrease in wealth to heightened market volatility, global trade tensions and a slowdown in economic growth.

According to the Wealth-X Billionaire Census 2019, many global factors contributed to this fall in global wealth, including a slowdown in global growth, persistent trade tensions and a late-year slump in equity markets. A related strengthening of the US dollar encouraged capital outflows from emerging markets, triggering currency volatility and risk aversion.