More than 900 billionaires have been created worldwide over the past two decades, but a new report says the billionaire boom may be about to end.
The global wealth wave that has minted most of the world's billionaires over the past 20 years could be ending in the next decade or two, said the UBS-PwC Billionaire Report released Tuesday. Weaker economic growth—especially in emerging markets—and government responses to inequality with higher taxes and regulations could slow the creation of new billionaires, it said. Another factor is that billionaires are an aging population, with most over 60 years old. (
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"The rich have been getting richer over the last 20 years," said John Mathews, head of Private Wealth Management at UBS. "But we don't think these things happen in a straight line. It's more of an S-curve type of phenomena."