Richest billionaires lose $1.4 trillion in worst half-year ever: Report

Elon Musk’s fortune plunged almost $62 billion. Jeff Bezos saw his wealth tumble by about $63 billion. Mark Zuckerberg’s net worth was slashed by more than half.

All told, the world’s 500 richest people lost $1.4 trillion in the first half of 2022, a dizzying decline that marks the steepest six-month drop ever for the global billionaire class.

It’s a sharp departure from the previous two years, when the fortunes of the ultra-rich swelled as governments and central banks unleashed unprecedented stimulus measures in the wake of the Covid-19 pandemic, juicing the value of everything from tech companies to cryptocurrencies.

With policy makers now raising interest rates to combat elevated inflation, some of the highest-flying shares – and the billionaires who own them – are losing altitude fast. Tesla had its worst quarter ever in the three months through June, while Amazon.com plummeted by the most since the web bubble burst.

Though the losses are piling up for the world’s richest people, it only represents a modest move toward narrowing wealth inequality. Musk, Tesla’s co-founder, still has the biggest fortune on the planet, at $208.5 billion, while Amazon’s Bezos is second with a $129.6 billion net worth, according to the Bloomberg Billionaires Index.

Bernard Arnault, France’s richest person, ranks third with a $128.7 billion fortune, followed by Bill Gates with $114.8 billion, according to the Bloomberg index. They’re the only four that are worth more than $100 billion – at the start of the year, 10 people worldwide exceeded that amount, including Zuckerberg, who is now 17th on the wealth list with $60 billion.

Contrarian Impulse

Still, the billionaire class has amassed so much wealth in recent years that not only can the vast majority withstand the worst first half since 1970 for the S&P 500 Index, but they’re likely looking for bargains, said Thorne Perkin, president of Papamarkou Wellner Asset Management.

“Often their mindset is a bit more contrarian,” Perkin said. “A lot of our clients look for opportunities when there’s trouble in the streets.”

That held true in the first half of the year in some of the most distressed corners of the global financial markets.

DIZZYING DECLINE

• Elon Musk’s fortunes plunged almost $62 billion. Musk still has the biggest fortune on the planet, at $208.5 billion
   
• Jeff Bezos’ wealth tumbled by about $63 bn. Bezos is second with a $129.6 billion net worth
   
• Mark Zuckerberg’s net worth declined by more than half. He is now 17th on the wealth list with $60 billion