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Net worth of Elon Musk shrinks by $1.4tn in 2022
(MENAFN) During the epidemic, the rich saw their fortunes surge, but those gains are now being eroded by fear of inflation and increasing rates.
According to the Bloomberg Billionaires Index, the world's 500 wealthiest people have lost a total of $1.4 trillion this year, including $206 billion on Monday alone, as global financial markets crumble under the weight of increasing interest rates and inflation fears.
As per the Capgemini World Wealth study issued on Tuesday, the world's population of high-net-worth people (HNWIs) increased by around 8% last year, with North America accounting for 13% of the increase.
As shown by the information, the ranks of the wealthy in Asia-Pacific expanded by just 4.2%, following Europe and slipping farther behind North America after leading the rise of wealthy individuals over the previous decade.
Part of the reason was China's crackdown on technological businesses and a cooling housing market, but it also reflected the savage advances in the US stock market, which helped to inflate everything from cryptocurrencies to property values.
According to the Bloomberg Billionaires Index, the world's 500 wealthiest people have lost a total of $1.4 trillion this year, including $206 billion on Monday alone, as global financial markets crumble under the weight of increasing interest rates and inflation fears.
As per the Capgemini World Wealth study issued on Tuesday, the world's population of high-net-worth people (HNWIs) increased by around 8% last year, with North America accounting for 13% of the increase.
As shown by the information, the ranks of the wealthy in Asia-Pacific expanded by just 4.2%, following Europe and slipping farther behind North America after leading the rise of wealthy individuals over the previous decade.
Part of the reason was China's crackdown on technological businesses and a cooling housing market, but it also reflected the savage advances in the US stock market, which helped to inflate everything from cryptocurrencies to property values.
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