has become an increasingly contentious issue globally, with some US presidential candidates making it central to their campaigns. Senator Elizabeth Warren, a Massachusetts Democrat, has proposed a 6% wealth tax on assets over $1 billion, while Vermont Senator Bernie Sanders has said that billionaires shouldn’t exist at all. Beyond Washington, protests from Hong Kong to France are seeking a reckoning for the rich, citing decades of inequality as a cause of their frustration.
Stock markets have bounced back since 2018, with the MSCI All-Country World Index up 20%CK so far in 2019. And even with last year’s dip, billionaires’ wealth increased almost 35% -- or $2.2 trillion -- since 2013, according to the report.
“We’ve seen that these people can be successful and drive change regardless of who’s in a leadership role on the political scene,” said John Mathews, who oversees UBS Group AG’s private wealth and ultra-high net-worth business in the Americas.