- The world's ultra-rich are fast losing their vast fortunes as tech stocks around the world fall and inflation rise
- About 500 of the richest billionaires in the world have cumulative lost about $1.4 trillion in the first half of 2022
- Elon Must still maintains the best position with a net worth of about $208.5 billion followed by Jeff Bezos, Amazon founder
The first half of the year has been less than impressive for some of the world’s richest billionaires.
They are fast losing the wealth they accumulated in the last two years, at the height of the COVID-19 pandemic as global economies plunged and countries released stimulus packages to cushion the effect of lockdowns.
Ultra-rich see their wealth falling
Meta CEO, Mark Zuckerberg’s net worth fell by more than half.
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According to reports, all 500 of the world’s richest people lost $1.4 trillion in the first half of this year, a sharp decline that marks a steep six-month drop ever for the world’s upper crust.
It is a deviation from the last two years when their fortunes swelled as governments poured remarkable stimulus measures at the beginning of the COVID-19 pandemic, which swelled their fortunes.
Now, global policymakers are raising interest rates to fight heightened inflation as billionaires who own shares in major tech companies are fasting losing them.
Still the richest but...
Elon Musk’s Tesla had its worst first three months ever, while Amazon plunged by the most.
Tesla CEO, Elon Musk still retains his number one spot on the billionaires table with $208.5 billion followed by Jef Bezos who has about $129.6 billion, while France's Bernard Arnault is worth about $128.7 billion.
Meta CEO, Mark Zuckerberg has lost more than half his net worth and is now 17th on the billionaires index.
Elon Musk makes Aliko Dangote's total networth in 8 hours, as Nigerian billionaire loses N105.33bn
Legit.ng reported that the world's richest man, Elon Musk recorded a huge surge in wealth making as much as the total estimated wealth of Aliko Dangote.
On Tuesday, June 21 2022, data from the Forbes billionaire watch list shows that Elon Musk in the 8 trading hours in the United States made N6.10 trillion ($14.5 billion).
The amount is more than the total Dangote's total wealth of $13.9 billion who sits as the 65 richest men in the world.