The 500 wealthiest individuals lost a combined $1.4 trillion this year
The world’s 500 richest people have lost a cumulative $1.4 trillion since the beginning of the year, according to Bloomberg’s ‘Billionaires Index’.
According to their calculations, the globe’s most wealthy became poorer by $206 billion on Monday alone.
Changpeng Zhao, the founder of the globe’s largest cryptocurrency exchange Binance, suffered the biggest losses, with his fortune shrinking by $85.6 billion since the beginning of the year to $10.2 billion.
Tesla and Space X founder Elon Musk ranks second in terms of money losses, having said goodbye to some $73.2 billion.
Amazon founder Jeff Bezos lost $65.3 billion, while Meta owner Mark Zuckerberg’s wealth shrank by $64.4 billion.
Louis Vuitton Moet Hennessy group head, Bernard Arnault, has also been unfortunate, having lost $56.8 so far this year.
The coffers of Russian billionaires did not suffer such huge losses, but their fortunes dipped nonetheless.
NOVATEK head Leonid Mikhelson lost $7.29 billion, Severstal owner Alexei Mordashov lost $7.4 billion, and the wealth of former Chelsea Football Club owner Roman Abramovich fell by $5.85 billion, Bloomberg estimates.
Analysts blamed economic conditions for the falling fortunes, as soaring inflation and interest-rate hikes shake the financial markets.