Fortunes of world’s richest shrink – Bloomberg

The 500 wealthiest individuals lost a combined $1.4 trillion this year

The world’s 500 richest people have lost a cumulative $1.4 trillion since the beginning of the year, according to Bloomberg’s ‘Billionaires Index’.

According to their calculations, the globe’s most wealthy became poorer by $206 billion on Monday alone.

Changpeng Zhao, the founder of the globe’s largest cryptocurrency exchange Binance, suffered the biggest losses, with his fortune shrinking by $85.6 billion since the beginning of the year to $10.2 billion.

Tesla and Space X founder Elon Musk ranks second in terms of money losses, having said goodbye to some $73.2 billion.

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Amazon founder Jeff Bezos lost $65.3 billion, while Meta owner Mark Zuckerberg’s wealth shrank by $64.4 billion.

Louis Vuitton Moet Hennessy group head, Bernard Arnault, has also been unfortunate, having lost $56.8 billion so far this year.

The coffers of Russian billionaires did not suffer such huge losses, but their fortunes dipped nonetheless.

NOVATEK head Leonid Mikhelson lost $7.29 billion, Severstal owner Alexei Mordashov dropped $7.4 billion, and the wealth of former Chelsea Football Club owner Roman Abramovich fell by $5.85 billion, Bloomberg estimates.

Analysts blamed economic conditions for the falling fortunes, as soaring inflation and interest-rate hikes shake the financial markets.

For more stories on economy & finance visit RT’s business section

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