The world’s 50 richest people have lost more than half a trillion dollars on paper this year, a staggering loss of wealth that exceeds Sweden’s GDP and greater than the market value of all but six companies in the S&P 500.
The 50 richest people have evaporated, including Elon Musk, Jeff Bezos, Bill Gates and Warren Buffett, with a combined net worth of $563 billion this year through May 22, according to the Bloomberg Billionaires Index, a daily-updated ranking of the richest people. In the world. The drop comes as the stock market flirts with its first bear market since the start of the pandemic.
Mr. Musk, Tesla Inc..’s
The CEO and the richest man in the world, he currently has a net worth of $201 billion. On paper, it has lost $69.1 billion so far this year, the largest loss of any billionaire currently in the top 50 list, according to the index. He’s in the midst of buying social media company Twitter Inc.
for $44 billion, a deal he said is pending.
Founder Jeff Bezos net worth decreased by $61.1 billion, and Bernard Arnault, France’s richest man and CEO of LVMH Moët Hennessy Louis Vuitton SEAnd
for my mouth 1.33%
$55.2 billion in wealth wiped out. Mr. Bezos still has a net worth of $131 billion and Arnault worth $123 billion.
Co-founder Bill Gates is currently worth $116 billion, but has lost $21.7 billion in wealth this year. Berkshire Hathaway Inc.’s
Warren Buffett concludes the top five with a net worth of $110 billion. Unlike the four people richer than him, this year his net worth has increased by $1.2 billion. The Bloomberg Billionaires Index measures personal wealth based on changes in markets, the economy, and other reports.
The billionaires’ losses come as the months-long sell-off in the stock market accelerates and is beginning to outpace technology stocks. Consumer goods companies, which avoided most of the damage, started taking losses. For the year, the S&P 500 is down about 17%, while the Nasdaq Composite is down 26%.
Other notable people who have experienced a sharp decline include Meta Platforms Inc.
Founder and CEO Mark Zuckerberg, who suffered a loss of $54.1 billion this year. Larry Page, one of the founders of Google, lost $29 billion. Changpeng Zhao, founder of crypto exchange Binance, ranks 113th on the list after losing $80.9 billion so far this year, the most tracked by the Bloomberg Billionaires Index. Its decline comes as cryptocurrencies have been hit hard over the past few months.
The stock market slump also reversed gains the world’s richest experienced during the onset of the pandemic when a billionaire was created every 30 hours, according to a new report released Monday by anti-poverty group Oxfam International. The number of billionaires in the world increased by 573 billionaires from March 2020 to March 2022, bringing the total number of billionaires in the world to 2,668, according to the report.
According to the report, the collective wealth of billionaires rose more during the first two years of the pandemic than it did between the collective years between 1987 and 2010. The total wealth of the world’s richest now equates to 13.9% of global GDP, a threefold increase from 2000.
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It appeared in the May 24, 2022, print edition as “The 50 Richest People Lost a Combined $563 Billion This Year.”