World’s Richest Have Lost $1.4 Trillion in 2022 After Rapid Gains: Bloomberg
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, Bloomberg reports.
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% 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% -- trailing Europe and falling further behind North America after dominating the growth of rich people for the past decade.
Biggest Billionaire Losers
Five of the world's richest people have lost more than $345 billion this year combined.
Still, the Capgemini report illustrates just how much the Covid-19 pandemic and monetary response benefited the economically elite and where they predominantly reside.
The US, Japan, China and Germany remain among the top countries where most of the world’s wealthy live. The four are home to almost 64% of high-net-worth individuals globally, Capgemini’s report showed.
What’s more, even among the world’s high-net-worth individuals, the very rich saw the most benefits. People with investable assets of $30 million or more saw their wealth expand 9.6% compared with 2020, the fastest pace among the cohorts studied by the report. Those with $1 million to $5 million – defined as “millionaires next door’’ – had the slowest wealth growth at 7.8%.
The report also highlighted how women across all brackets are set to inherit 70% of global fortunes over the next two generations. The massive wealth created from sky-high valuations of tech companies and startups also gave rise to more young and rich individuals, including in the crypto space.
Of course, that rapid ascent is now under seige as Bitcoin, Ether and the rest of the crypto space tumbles and tech startups find raising new capital is about to get a lot more costly.
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