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The wealth of the world's billionaires has more than doubled over the past decade, rising from $6.3 trillion to $14 trillion, with technology entrepreneurs leading the surge. In 2024, U.S. billionaires saw a 28% increase in assets, while those in China and Hong Kong experienced a 17% decline. A significant shift in billionaire demographics is noted, with self-made individuals dominating new entries, and a projected $6.3 trillion expected to be passed on to heirs and charities in the coming years.
Raiffeisen economists predict that the Swiss economy will continue to fall short of its potential in 2025, with GDP growth expected at 1.3%, slightly up from 1.1% in 2024. Despite resilient performance in the chemicals and pharmaceuticals sector, global economic challenges, particularly in the eurozone, pose risks to recovery.
Billionaire wealth surged 17% in 2024, reaching a record $14 trillion, primarily driven by growth in the US, while fortunes in China declined due to real estate losses. India saw a 20% increase in billionaires, with their combined wealth rising over 40% to nearly $906 billion, highlighting regional economic disparities.
The number of billionaires in mainland China dropped to 427 in 2024, down from 520, as 132 individuals fell off the list despite 42 new additions. The total wealth of these billionaires decreased by 20% to approximately $1.4 trillion, reflecting the impact of market corrections in a slowing economy. Challenges such as a troubled property market and reduced consumer spending have contributed to this decline.
The luxury goods industry is experiencing a significant slowdown, largely due to weakened consumption in China. A UBS study reveals that the contribution of Chinese consumers to the sector's growth has dwindled, accounting for only 10% from 2019 to 2023, compared to 44% from 2008 to 2015.
Raiffeisen forecasts Swiss GDP growth of 1.3% in 2025, slightly up from 1.1% in 2024, driven by resilience in the chemicals and pharmaceuticals sector and improved consumption due to robust employment and rising real wages. However, the economy remains below its potential growth of 1.5% to 2.0%, with global economic conditions, particularly in the eurozone, posing additional risks.
Raiffeisen economists forecast that the Swiss economy will grow by 1.3% in 2025, slightly improving from 1.1% in 2024, driven by strong performance in the chemicals and pharmaceuticals sector and rising real wages due to lower inflation. However, the economy remains below its potential growth of 1.5% to 2.0%, with global economic conditions, particularly in the eurozone, posing additional risks.
The number of billionaires surged to 2,682 in April 2024, a 50% increase since March 2015, with their total wealth rising by 121% to $14 trillion. Tech billionaires saw their fortunes triple to $2.4 trillion, driven by growth in sectors like AI and cybersecurity. Many billionaires plan to invest more in real estate, equities, and safe havens amid rising geopolitical risks.
The global wealth of billionaires surged by 17% over the past year, reaching $14 trillion, driven primarily by gains in the U.S., where the number of billionaires rose from 751 to 835. In contrast, China's billionaire count dropped from 520 to 427, with total wealth declining from $1.8 trillion to $1.4 trillion. Most new billionaires are self-made, expressing concerns over geopolitical risks and inflation, while North America is seen as the top region for investment returns in the coming year.
EUR/USD and GBP/USD have regained some ground, with EUR/USD hovering above support levels and targeting recent highs between $1.0597 and $1.0610. Meanwhile, GBP/USD is recovering from a six-month low, currently at $1.2617, while AUD/USD continues to trade at five-month lows, recently dipping to $0.6400. A further decline could see it approach the August low of $0.6349.
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Wealth of Billionaires Doubles Amid Economic Shifts and Pandemic Relocations
14:00 05.12.2024
Swiss Economy Forecast to Remain Below Potential Growth in 2025
12:47 05.12.2024
Billionaire Wealth Soars 17 Percent in 2024 Driven by US Economic Growth
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12:32 05.12.2024
China's Billionaire Count Drops Amid Economic Challenges and Market Corrections
12:00 05.12.2024
Luxury Goods Industry Faces Demand Fatigue Amid Weak Chinese Consumption
11:13 05.12.2024
Swiss Economy Forecasts Modest Growth Amid Global Challenges in 2025
11:02 05.12.2024
Swiss Economy Forecasts Modest Growth Amid Ongoing Challenges in 2025
11:02 05.12.2024
Billionaires Wealth Surges to 14 Trillion Amid Global Economic Shifts
10:09 05.12.2024
Global Billionaire Wealth Surges 17 Percent Driven by US Gains
09:55 05.12.2024
EUR USD and GBP USD Recover While AUD USD Hits Five Month Lows
08:47 05.12.2024
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