June 16th, 2022
The Bloomberg Billionaires Index, A daily ranking of the world’s richest individuals, shows a vast amount of wealth disintegrating this year as the Federal Reserve’s blunders -intentional or not– have triggered cross-asset implosions.
The 500 wealthiest people -on the books at least- lost a shocking $1.4 trillion this year alone. On Monday’s stock market rout, billionaires lost $206 billion.
Binance CEO Changpeng Zhao experienced the steepest losses amid the crypto meltdown. Bloomberg’s data shows he lost a whopping $85.6 billion as of Tuesday. His total net worth is now only $10.2 billion.
Only $10 billion? He might as well file for bankruptcy!
Jeff Bezos is next on the list, losing $66.8 billion this year, with a total net worth of $125.5 billion. Mark Zuckerberg lost $64.4 billion, now only worth $60.9 billion. Elon Musk lost $61.6 billion but still secured a solid $208.7 billion stockpile of wealth as the world’s richest person. Doesn’t your heart just ache for these guys?
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Bezos, Musk, Bernard Arnault (top luxury designer and CEO of luxury goods company LVMH), Warren Buffet, and Bill Gates round out the top five spots for the world’s wealthiest people.
In contrast, the largest gainers of net wealth this year include Indian billionaire Gautam Adani and Dubai-based Swiss billionaire entrepreneur Guillaume Pousaz.
In a separate report via Capgemini World Wealth we see the monetary response by global central banks increased the world’s population of high-net-worth individuals jumped 8% in 2021. It showed that the US, Japan, China, and Germany are home to 64% of the world’s billionaires.
Gains in net worth first began to reverse in late 2021 when the Federal Reserve and other central banks started to communicate to markets about how an inflation problem (now a stagflation caca-storm) would be met with hawkishness or rate hikes. Global stocks reversed in late December and have been spiraling lower ever since.
It will only take a few oversized rate hikes by the Fed this summer to get recession fears to flourish and market participants to start pricing in the next round of easing — that will be the moment when billionaires get richer.
Ryan DeLarme is a disillusioned journalist navigating a labyrinth of political corruption, overreaching corporate influence, high finance, compromised media, and the planned destruction of our constitutional republic. He is also a Host and Founder at Vigilant News. His writing has been featured in American Thinker, Winter Watch, Underground Newswire, and Stillness in the Storm. He also has written scripts for television series featured on Rise.tv. Ryan enjoys gardening, creative writing, and fighting to SAVE AMERICA