World’s richest including Elon Musk, Jeff Bezos and Mark Zuckerberg lose $1.4 TRILLION in 2022

The world’s 500 wealthiest lost a combined $1.4 trillion this year, it has been revealed – a loss spurred by rocketing interest rates and record inflation.

The decrease, announced in a Capgemini World Wealth report Tuesday, represents a stark turnaround from gains seen last year, when corporations and billionaires raked in record profits during the pandemic, as millions others lost their livelihoods. 

US billionaires – such Elon Musk, Jeff Bezos, and Mark Zuckerberg – have seen their fortunes cut by roughly $800 billion, placing them among the biggest losers of the bombshell report.

The report showed a loss of $206 billion on Monday alone.

More to follow 

The world’s 500 wealthiest lost a combined $1.4 trillion this year, it has been revealed – a loss spurred by rocketing interest rates and record inflation

The decrease, announced in a Capgemini World Wealth report Tuesday, represents a stark turnaround from gains seen last year, when corporations and billionaires raked in record profits during the pandemic, as millions others lost their livelihoods

The report shows that US billionaires alone – such Elon Musk, Jeff Bezos, and Mark Zuckerberg – have seen their fortunes cut by roughly $800 billion 

The two richest in the world, Musk and Bezos, accounted for roughly 16 percent of the decrease seen among US billionaires, the data revealed.

Musk, 50, who emerged as the world’s richest man in fall 2021 after seeing his wealth surpass Bezos’, lost roughly a quarter of the $270billion he started the year with, losing $73.2billion in less than six months, according to Capgemini. 

The Tesla head’s net worth now stands at roughly $197billion as of the report’s release Tuesday, according to Bloomberg’s Billionaire Index.

Others to lose astronomical numbers included Facebook founder Mark Zuckerberg, who fell out of the top ten list of billionaires earlier this year due to plummeting Meta stock; and the world’s third-richest man, Louis Vuitton boss Bernard Arnault.

The data comes days after a Labor Department report Friday revealed the consumer price index jumped one percent in May from the prior month, for a 12-month increase of 8.6 percent – topping the recent peak seen in March.

The new figures released on Friday suggested the Federal Reserve could continue with its rapid interest rate hikes to combat what has been coined ‘Bidenflation,’ and markets reacted swiftly, with the Dow shedding around 600 points. 

Markets continued to drop during early trading on Monday, as fears of a recession grow stronger.   

New data show that annual inflation in the US rose to 8.6% last month. The report led Biden to concede that inflation remains a problem in the US

President Joe Biden speaks to reporters outside of Air Force One on Saturday. He continued to blame Russia and its war in Ukraine for soaring gas prices in the US

The runaway inflation rates are hurting American wallets outside of the gas station, most notably at the grocery store. 

Grocery costs have increased at staggering rates, and are expected to only keep climbing as the crisis continues.

The price of eggs has risen 32% and poultry is up 16.6% since the year began, following a bird flu outbreak in January that killed off roughly 6% of commercial chickens. 

Embargoes against Russia have also led to increases in the prices of grain-based foods, while fats and oils are up 16.9%, and milk is up 15.9%.

As inflation-borne production costs climb, producers and retailers alike have indicated that they will be forced to continue hiking prices.