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 $392-billion erased from their cumulative net worth.
It wasn’t all bad news for the billionaire class, though. India’s Gautam Adani surpassed Bill Gates and Warren Buffett on the wealth index, while some of the world’s richest families, like the Kochs and the Mars clan, also added to their fortunes. Sports franchises only became more valuable, growing increasingly unobtainable for anyone outside the top 0.0001%.
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 $25.8-billion on 27 January after Tesla 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 $46.
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