World’s Richest Have Lost $1.4 Trillion in 2022 After Rapid Gains
The wealthy saw their fortunes soar during the pandemic, but those gains are being eviscerated by anxiety over inflation and rising rates.
Elon Musk
Photographer: Liesa Johannssen-Koppitz/BloombergThe 500 wealthiest people in the world have lost a combined $1.4 trillion this year, including $206 billion on Monday alone, according to the Bloomberg Billionaires Index, as global financial markets buckle under the weight of higher interest rates and inflation anxiety.
It's a stark contrast to last year, when soaring markets boosted the world’s population of high-net-worth individuals by about 8%, including 13% in North America, according to a Capgemini World Wealth report released Tuesday. The data show that the ranks of the wealthy in Asia-Pacific increased just 4.2% -- trailing Europe and falling further behind North America after dominating the growth of rich people for the past decade.