Top billionaires lost $1.4tr in 2022 amid inflation anxiety

Chinese-Canadian billionaire Changpeng Zhao lost $85.6 billion in 2022, followed by Tesla’s Elon Musk and Amazon’s Jeff Bezos who lost $73.2 billion and $65.3 billion respectively.
Chinese-Canadian billionaire Changpeng Zhao lost $85.6 billion in 2022, followed by Tesla’s Elon Musk and Amazon’s Jeff Bezos who lost $73.2 billion and $65.3 billion respectively.
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Updated 15 June 2022
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Top billionaires lost $1.4tr in 2022 amid inflation anxiety

Top billionaires lost $1.4tr in 2022 amid inflation anxiety

RIYADH: The 500 wealthiest billionaires in the world have lost at least $1.4 trillion in 2022, as the world has been facing unprecedented geopolitical tensions, market volatility, inflation, and higher interest rates over the last few months, according to Bloomberg Billionaires Index.

Chinese-Canadian billionaire Changpeng Zhao lost $85.6 billion in 2022, followed by Tesla’s Elon Musk and Amazon’s Jeff Bezos who lost $73.2 billion and $65.3 billion respectively.

Meta’s Mark Zuckerberg lost $64.4 billion, while French business magnate Bernard Arnault incurred losses of $56.8 billion this year.

The news comes as a stark contradiction to last year, as the number of wealthiest people in the globe rose dramatically by 8 percent in 2021, when markets soared, amid the pandemic.

This year, however, things are not going in favor of billionaires as inflation has spiraled, thus prompting concerns on how sharply the Fed Reserve will raise interests.