Richest billionaires lost $1.4 trillion in worst half-year ever

Source: Axios | July 1, 2022 | Herb Scribner

The world’s 500 richest billionaires lost $1.4 trillion in the first half of 2022, the steepest six-month drop ever for the ultra rich, Bloomberg reports.

Why it matters: The losses come as the S&P 500 Index suffered its worst first half of the year since 1970, per Barron’s.

By the numbers: The decline is a sharp contrast from the previous two years, when the fortunes of the world’s richest people swelled amid government stimulus measures in the wake of the COVID-19 pandemic, per Bloomberg.

– Jeff Bezos lost about $63 billion.

– Mark Zuckerberg’s net worth was cut in half, down to $60 billion.

– Elon Musk’s fortune plunged by almost $62 billion.

– Changpeng Zhao, a crypto pioneer, watched his $96 billion fortune tumble by close to $80 billion this year due to the turmoil over crypto, per Bloomberg.

Yes, but: Many of these billionaires are still supremely wealthy. Musk still has the biggest fortune on the planet, at $208.5 billion, while Bezos is second with a $129.6 billion net worth, per Bloomberg.



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