According to Bloomberg, a few billionaires who had previously seen their wealth soar to unfathomable heights during the COVID era of easy money experienced a precipitous decrease in 2022.
The combined losses of Mark Zuckerberg, Changpeng Zhao, Jeff Bezos, and Elon Musk came to around $392 billion.
After Tesla Inc. issued a supply-chain alert on January 27, Elon Musk suffered a loss of $25.8 billion. The Bloomberg Wealth Index has experienced its fourth-largest one-day decline in its history.
The wealthiest Russians suffered losses of $46.6 billion on February 24, the day of the invasion of Ukraine. As soon as the European Union, Britain, and the United States imposed sanctions on Russian "oligarchs" and their firms, it became practically impossible for them to conduct business.
Chinese billionaires lost: The wealth of China’s wealthiest individuals lost $64.6 billion on March 14, as the markets there continue to deteriorate. Strenuous efforts to stop COVID’s spread, a weak real estate market and more attention to the technology sector have cost them another $164 billion in 2022, while trade tensions with the U.S. are hurting the second-largest economy in the world.
Some billionaires gained: For some billionaires, there is good news. Indian billionaire Gautam Adani’s net worth surpassed those of Bill Gates and Warren Buffett.
In the same vein, several of the richest families in the world, including the Kochs and the Mars family, also saw an increase in fortune.
Nairametrics
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