For the vast majority of the world’s wealthiest people, 2022 was a year to forget.
It’s not just the money that was lost, though it was staggering — almost US$1.4 trillion was wiped from the fortunes of the richest 500 alone, according to the Bloomberg Billionaires Index.
Combined with a backdrop of widespread inflation and aggressive central bank tightening, the year was a dramatic comedown for a group of billionaires whose fortunes swelled to unfathomable heights in the COVID era of easy money. In most cases, the bigger the rise, the more dramatic the fall: Musk, Jeff Bezos, Changpeng Zhao and Mark Zuckerberg alone saw some US$392 billion erased from their cumulative net worth.It wasn’t all bad news for the billionaire class, though.
Here’s a month-by-month review of the data and stories that defined a tumultuous year for billionaires.Musk, the world’s richest person at the time, loses US$25.8 billion on Jan. 27 after Tesla Inc. warns about supply challenges. It’s the fourth-steepest one-day fall in the history of the Bloomberg wealth index and foreshadows a rocky year ahead for Musk, both personally and financially.Russia’s richest people collectively lose US$46.6 billion on Feb.
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