UBS has rushed to the defence of billionaires, arguing they outperform as corporate leaders and receive unfair criticism in the press.

The Swiss bank produced a report on Friday showing that listed companies run by billionaires do better on the stock market than peers with less wealthy chief executives and deliver wide-ranging economic benefit.

"I am not saying billionaires should be heroes," said Josef Stadler, head of the ultra-high net worth unit at UBS, the world's largest private wealth manager. "But at least they should be recognised."

Shares in some 600 publicly quoted companies controlled by billionaires rose 17.8 per

Advertisement
Advertisement