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World’s billionaires lose $1.4 trillion in 6 months

World’s billionaires lose $1.4 trillion in 6 months

The world’s 500 richest people lost about $1.4 trillion in the first half of 2022, Bloomberg reported. 

According to the Bloomberg Billionaires Index, the total net worth of the top 500 billionaires decreased by $206 billion on June 13 alone. The world’s richest people suffered losses due to higher interest rates and inflation anxiety weighing down on global financial markets. It is a stark contrast to last year, when the net worth of billionaires increased by about 8% thanks to soaring markets.

Changpeng Zhao, the founder of Binance, lost $85.6 billion. He occupies the 190th place in Bloomberg’s ranking. Elon Musk, the founder of Tesla and SpaceX (-$73.2 billion), Jeff Bezos, the founder of Amazon (-$65.3 billion), and Mark Zuckerberg (-$64.4 billion) are among other billionaire losers.

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