Top Billionaires Elon Musk, Jeff Bezos Lose $1.4?

The world’s billionaires have seen a fall in their wealth ever since the start of the year because of the stock markets going haywire from time to time over several factors like the Russia-Ukraine war and the consequences resulting out of it.

With back-to-back reasons like the Omicron wave, Russia Ukraine war, and a subsequent inflation rise across the world that is not taming till now, stock markets have faced some of their worst days this year. This, in turn, has resulted in losses for investors, and the wealthiest people in the world have lost trillions.

According to a report by Bloomberg, the world’s 500 richest people lost $1.4 trillion in the first half of 2022. The world’s richest person Elon Musk saw his wealth tumble by about $62 billion, while Amazon chief Jeff Bezos had his net worth plunging by about $63 billion. On the other hand, Mark Zuckerberg’s wealth declined by more than half. However, the biggest sufferer was crypto pioneer Changpeng Zhao, whose wealth was slashed by a whopping $80 million during the same time frame.

In sharp contrast with the last two years, billionaires have suffered slashes in their net worth. Over 2020 and 2021, the fortunes of the ultra-wealthy grew manifold as central banks and governments released a slew of stimulus measures in the wake of the Covid-19 pandemic to keep the economy stable, juicing the value of everything ranging from cryptocurrencies to tech.

The situation has changed now, mainly due to the ripple effects of the Russia-Ukraine war, resulting in unprecedented inflationary pressure. This has forced policymakers and central banks worldwide to raise interest rates to tackle rising inflation.