World’s richest lost $1.4 trillion in first quarter of 2022: Report

According to a report by Bloomberg, the world’s 500 richest people lost $1.4 trillion in the first half of 2022. The billionaires have become the biggest losers of the year losing their wealth between January and June of 2022. The richest people including Mark Zuckerberg, Elon Musk, and Jeff Bezos, fall in the category of the world’s richest people who lost $1.4 trillion in the first half of 2022. 

According to the data by Bloomberg, Tesla CEO Elon Musk lost $62 billion, Amazon CEO Jeff Bezos’ money fell by around $63 billion, and Mark Zuckerberg’s money fell by more than half in the first quarter. The impact of the Russia-Ukraine conflict, stock market crash, etc contributed to the loss of wealth of the richest people which in turn resulted in losses for investors.  

The report said that this decline is the sharpest ever six-month drop in the global billionaire’s category. Among these business tycoons, the biggest sufferer was crypto pioneer Changpeng Zhao, whose wealth was slashed by a whooping $80 million during the same time frame.

Moreover, governments and central banks released unprecedented stimulus measures in the aftermath of the Covid-19 outbreak, boosting the value of everything from tech companies to cryptocurrencies that struck their industries. This has also resulted in the decline of wealth for the billionaires. Meanwhile, there are only two billionaires in the top 10 list who saw a gain in their fortunes and they are Gautham Adani and Mukesh Ambani. 

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Although Elon Musk lost more than $60 billion in wealth, Tesla’s co-founder has the world’s largest fortune, valued at $208.5 billion, with Amazon’s Bezos ranking second with a net worth of $129.6 billion. The ranking also places France’s richest individual, Bernard Arnault, in third place with a fortune of $128.7 billion, followed by Bill Gates with $114.8 billion.