Former Billionaires Not Retaining Wealth

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    More than half of those who were billionaires back in 1995 no longer hold that status today, finds a report by UBS Group AG and global consulting firm PwC. According to the report, only 44 per cent of billionaires 20 years ago are still billionaires today. In 1995, the report counted 289 billionaires. From this group, only 126 remain today, the report says, with the others dropping off the list due to death, family dilution, or business failures. The report “shows that great wealth is very volatile.” However, over the same period, 1,221 new billionaires were created bringing the total number to 1,347 billionaires in 2014. The report also highlights that the population of female billionaires is growing faster than the ranks of men, as more females are driving their family businesses. The number of female billionaires has multiplied by 6.6 times over the last 20 years, compared to 5.2 times for men, with Asian female entrepreneurs standing out as the main driver of this development.