Total wealth of the world’s billionaires dropped to $ 12.7 trillion, Forbes says | Rich lists

Total wealth of the world’s billionaires dropped to $ 12.7 trillion, Forbes says | Rich lists

The total wealth of the world’s billionaires fell from a record high last year due to the decline in global stock markets since the Russian invasion of Ukraine, despite the wealthiest people on the planet still holding a total of $ 12.7 trillion ( £ 9.7 trillion).

According to Forbes magazine’s annual ranking of the richest people in the world, the number of billionaires worldwide dropped from 329 to 2,668, with the total value of their combined assets slightly down from $ 13.1 trillion. list of 2021.

He said Putin’s invasion of Ukraine – and the ensuing avalanche of sanctions – brought down the Russian stock market and the ruble, resulting in 34 fewer Russian billionaires on the list. Almost everyone in the country with billionaire status has seen their fortunes stagnate or decline, with their total wealth down more than $ 260 billion from the previous year.

Forbes said the drop in the total number of billionaires from 2,755 to 2,668 was the largest since the 2009 financial crisis, but followed an increase of more than 600 in 2021 as global equities recovered from pandemic lows.

Elon Musk, the maverick boss of Tesla and SpaceX, was named the richest man in the world for the first time with a fortune of $ 219 billion, up $ 68 billion from the previous year due to the surge in share price of the automaker.

Musk bypassed Amazon’s Jeff Bezos, whose fortune dropped to $ 171 billion after a small drop in the company’s share price and charitable donations.

Bezos’ estimated $ 1.5 billion in charitable gifts pales in comparison to his ex-wife MacKenzie Scott, who donated $ 12.5 billion to more than 1,250 organizations in less than two years. Scott, who raised $ 38 billion in compensation in his divorce from Bezos in 2019, went from the 22nd richest person on the planet to the 30th with a $ 43.6 billion fortune.

Among those who drop off the rankings are 169 “one-year wonders” – newcomers to the list in 2021 but have already dropped out. They include stationary bike company Peloton’s John Foley and Bumble’s Whitney Wolfe Herd dating app.

About 236 people joined the billionaire club for the first time, including the pop star Rihanna, Lord of the Rings director Peter Jackson and venture capitalist Joshua Kushner. Barbados, Bulgaria, Estonia and Uruguay all earned their first billionaires.

Millionaires for Humanity, a coalition of the rich calling for a global wealth tax for the super rich to tackle inequality, said the Forbes list was “a slap in the face of society.”

Sign up for the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk

Djaffar Shalchi, a Danish multimillionaire businessman and founder of the initiative, said: “The Forbes Rich List is a stark reminder of the obscenely uneven world we live in. While most people around the world struggled to adapt and survive the pandemic, many of whom lost their jobs and plunged into poverty, those on Forbes’ rich list were able to sit back and watch their wealth. rise to the stars “.

“It is an affront to humanity, an insult to the claim that we are all involved in this together and a slap in the face to those of us who believe we share this planet and its resources equally.

“The time for a wealth tax for people like me is long overdue. Inequality hurts everyone. In the United States, too, we are looking at the prospect of President Biden introducing a billion-dollar tax. It would be an important step in the right direction ”.

Leave a Comment

Your email address will not be published.