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Richest Billionaires Face Deficit Of $1.4 Trn: Reports

All the losses for the world's richest people are mounting up, it only represents a modest step towards reducing inequality

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The fortune of Elon Musk plummeted by nearly USD 62 billion. Approximately, USD 63 billion was drained from Jeff Bezos' wealth. Mark Zuckerberg's net worth had seen a fall of more than half. A total of USD 1.4 trillion was lost by the 500 richest people in the first half of 2022, an unprecedented drop in the global billionaire class for the past six months.

There has been a sharp turn from the last two years when the fortune of the ultra-rich had dropped down following the unprecedented stimulus measures after the Covid-19 pandemic, driving up the value of everything from tech companies to cryptocurrency.

Some of the highest-flying shares and billionaires who own them have lost altitude because the policymakers have raised the interest rates to fight against inflation. 

Through June, Tesla experienced its worst quarter ever while Amazon has dropped its earnings since the web bubble burst.

All the losses for the world's richest people are mounting up, it only represents a modest step toward reducing inequality.

According to the Bloomberg Billionaires Index, Musk, Tesla's co-founder is at the number one position with USD 208.5 billion, while Amazon's Bezos is at second with USD 129.6 billion net worth.

The third on the list is Bernard Arnault, France's richest person who owns USD 128.7 billion fortune, followed by Bill Gates with USD 114. 8 billion.

These four are the only ones with over USD 100 billion in wealth. 10 people in the world exceeded that amount which included Zuckerberg, who is currently in the 17th position owing USD 60 billion. 


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billionaires losses elon musk amazon mark zukerberg