The Very Richest $1400 Billion Poorer in the First Half of the Year

The Very Richest $1400 Billion Poorer in the First Half of the Year

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The wealth of the richest 500 people on Earth has shrunk at the fastest rate ever in the first six months of 2022.

 

Financial news agency Bloomberg, which maintains its own ranking of largest assets, calculated that they saw $1400 billion of their wealth evaporate in the past six months.

The wealth of the world’s richest person Elon Musk fell by nearly $62 billion. The CEO of Tesla and SpaceX still has about 209 billion dollars left. The number two on the wealthy list, Amazon founder Jeff Bezos, lost nearly $63 billion and now has a net worth of $129.6 billion. Mark Zuckerberg, CEO of Facebook’s mother Meta, lost more than half his fortune.

The decline has everything to do with the slump in the stock markets, where interest rate hikes and fears of a recession have caused price losses. In previous years, corona support from governments and low-interest rates meant that a lot of money was invested in shares, houses and cryptocurrencies, causing these assets to increase in value.

Tech companies such as Tesla, Meta and Amazon are now losing a lot of value on the stock exchanges because they are relatively expensive. Much of the wealth of Bezos, Musk and Zuckerberg is in the interests they have in their companies.

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