Billionaires Lose Nearly $1.4 Trillion in First Half of Year | Economy

The drop in the fortunes of billionaires demonstrates a change in the world economic scenario
Flavia Tavares

The drop in the fortunes of billionaires demonstrates a change in the world economic scenario

In the past six months, the world’s 500 richest people have lost an estimated $1.4 trillion. Unlike the continued growth of billionaires’ fortunes in the last two years, the current economic scenario shows that the richest are losing their value due to high interest rates across the globe.

Entrepreneurs like Elon Musk and Jeff Bezos have already reported unprecedented losses in recent months: Elon lost about 61 billion dollars and the president of Amazon 62.7 billion.

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Today, one of the most important purchases for the financial market has not yet been completed. The purchase of Twitter by Musk is still locked in negotiations after clashes between the billionaire and the current CEO of the company Parag Agrawal, in addition to withdrawals from other shareholders during the process. The acquisition reached a $44 billion deal to buy the social network.

More established entrepreneurs in the market also suffered the economic consequences of the post-pandemic world: Bill Gates recorded losses of US$ 23.4 billion in the first half of 2022.

While the decline in the fortunes of the richest could be the beginning of the road to social equality, the disparity between the billionaire class and the average population is large and does not mean automatic improvement for countries in crisis.

Two other men who are part of the richest class in the world faced difficulties between global crises in various sectors, Changpeng Zhao and Sam Bankman-Fried, underwent sudden drops in the cryptocurrency market after instability in digital investments and Russia’s richest man passes by sanctions from several countries in the midst of the war in Ukraine.

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