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The World’s 500 Richest People Have Lost Over $1 Trillion This Year

Employment up. Asset holders down.

Luxury motor yachts moored at the Dubai International Boat Show in Dubai, United Arab Emirates, on Wednesday, March 9, 2022. The show, taking place in Dubai Marina, runs from March 9-13.
Luxury motor yachts moored at the Dubai International Boat Show in Dubai, United Arab Emirates, on Wednesday, March 9, 2022. The show, taking place in Dubai Marina, runs from March 9-13.Photographer: Christopher Pike/Bloomberg

An unusual aspect of the economy right now is that we’ve seen this dramatic selloff in risk assets without seeing a major slowdown in economic activity, at least in the U.S.

This creates an interesting situation. For workers, this may be the tightest or best labor market in a generation. At the same time, holders of financial assets have taken a deep hit.