World's richest have lost $1.4 trillion in 2022 after rapid gains

The 500 wealthiest people in the world have lost a combined $1.4 trillion this year, including $206 billion on Monday alone, according to the Bloomberg Billionaires Index, as global financial markets buckle under the weight of higher interest rates and inflation anxiety.

It's a stark contrast to last year, when soaring markets boosted the world’s population of high-net-worth individuals by about 8%, including 13 per cent in North America, according to a Capgemini World Wealth report released Tuesday. The data show that the ranks of the wealthy in Asia-Pacific increased just 4.2 per cent — trailing Europe and falling further behind