Richest billionaires lose over $1.4 Trillion in the worst half ever. Tesla CEO Elon Musk’s fortune plunged by almost $62 million. Even Jeff Bezos lost about $63 billion. Here’re more details about losses.
Richest billionaires: Networth slashed in worst half ever of the year
The richest saw their wealth tumbling in the worst half ever. The world’s richest 500 lost a total of $1.4 trillion in the first half of the year. The shocking decline marks the steepest drop in half a year for global billionaires. The loss is a sharp change from the last two years when the fortunes of the uber-rich increased as central banks and governments unleashed stimulus measures following the pandemic. The move rose the value of all things, from tech to crypto.
However, the piling loss among the world’s richest is a mere representation of narrowing wealth inequality. Musk is still the biggest fortune holder with $208.5 billion. Bezos is at second with a net worth of $129.6 billion. France’s richest person, Bernard Arnault ranks third with a net worth adding up to $128.7 billion and Bill Gates is fourth with $114.8 billion.
A sharp change and contrarian impulses
“Still, the billionaire class has amassed so much wealth in recent years that not only can the vast majority withstand the worst first half since 1970 for the S&P 500 Index, but they’re likely looking for bargains,” stated Thorne Perkin. Perkin is the president of Papamarakou Wellner Asset Management. “Often their mindset is a bit more contrarian. A lot of our clients look for opportunities when there’s trouble in the streets,” he added.
Currently, there are only four people with a net worth of over $100 billion. However, at the beginning of the year, 10 people across the world had a net worth exceeding that amount. The list includes Facebook CEO, Mark Zuckerberg. Zuckerberg is currently the 17th on the new list with a net worth of $60 billion.