Billionaires’ wealth dropped by US$388 billion in 2018, following five years of growth, UBS and PwC have claimed.

The latest annual UBS and PwC Billionaires Insights report, The Billionaire Effect, found Asia’s billionaires saw a correction following five years of significant growth, during which their wealth almost quadrupled.

However, despite slowing growth last year, billionaire wealth is over a third higher (34.5 percent) than five years earlier, amounting to an increase of $2.2 trillion.

Contrastingly to Asia, the Americas saw a slight wealth increase this year. Led by tech billionaires, this region a...