Fortunes of the richest people in the world’s are declining. The 500 wealthiest individuals lost a combined total of $1.4 trillion this year alone.
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According to Bloomberg’s “Billionaires Index,” the 500 wealthiest individuals in the world have lost a total of $1.4 trillion since the start of the year.
They calculated that just on Monday, the world’s richest individuals lost $206 billion.
The creator of Binance, the largest cryptocurrency exchange in the world, Changpeng Zhao, incurred the highest losses, with his wealth plummeting by $85.6 billion since the year’s start to just $10.2 billion.
Elon Musk, the founder of Tesla and Space X, comes in second place in terms of monetary damages, having said farewell to over $73.2 billion.
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Jeff Bezos, the creator of Amazon, lost $65.3 billion, whereas Mark Zuckerberg, the proprietor of Meta, saw a $64.4 billion decline in wealth.
Bernard Arnault, Head of the Louis Vuitton Moet Hennessy company, has also had bad luck this year, losing $56.8 billion.
Despite not experiencing such substantial losses, Russian billionaires nevertheless saw a decline in their wealth.
According to Bloomberg, NOVATEK CEO Leonid Mikhelson shed $7.29 billion, Severstal owner Alexei Mordashov lost $7.4 billion, and Roman Abramovich, the previous owner of Chelsea Football Club, lost $5.85 billion in fortune.
Analysts attribute the declining fortunes to the economy, which is causing the financial markets to tremble due to rising inflation and interest rates.