World’s Richest Lose $2.1 Trillion In Historical Wipeout
While you’re bemoaning the price of $6 lettuces, spare a thought for the 500 richest people, who saw a record A$2.1 trillion wiped from their personal fortunes during the first half of the year.
Global recessions, inflation rates, pandemics, wars, and tech businesses and currencies with no intrinsic value all combine to cause chaos in the world markets over the past six months.
Mark Zuckerberg has seen his personal wealth sliced in half, now worth a paltry US$60 billion. He was once the youngest self-made billionaire; now he has fallen out the top 10, currently the 17th richest person in the world.
In fact, at the start of the year, there were 10 people worth north of US$100 billion, now there are just four: Elon Musk, with US$208.5 billion; Jeff Bezos (US$129.6 billion); Bernard Arnault (US$128.7 billion); and Bill Gates with US$114.8 billion.
Elon Musk lost a whopping US$62 during the first half of the year, while Jeff Bezos lost US$63 billion.
Amazon’s shares had the worst quarter since March 2000, while Tesla had its worst quarter ever.
They weren’t alone.The first six months saw the worst performance of the S&P 500 Index since 1970.
But where there is despair, there is also opportunity.
“Often their mindset is a bit more contrarian,” Thorne Perkin, president of Papamarkou Wellner Asset Management said of the billionaire class.
“A lot of our clients look for opportunities when there’s trouble in the streets.”