1.4 trillion dollars less
Stock market tremors make even the super rich poorer
By Jan Ganger
Even the richest are feeling the effects of falling stock prices. They lost more than $ 200 billion on Monday alone. On the front line: Elon Musk and Jeff Bezos.
The collapse of the stock and cryptocurrency markets is also causing a sharp contraction in the wealth of the 500 richest people on the planet. So far this year it has fallen by a total of $ 1.4 trillion – just yesterday Monday only $ 206 billion went up in smoke. This is the result of the “Billionaire Index” determined by the financial news agency “Bloomberg”.
Topping the list of losers is Changpeng Zhao, founder and CEO of cryptocurrency exchange Binance. Bloomberg currently estimates its assets at $ 10.2 billion – about $ 86 billion less than at the start of the year. Tesla boss Elon Musk lost about $ 73 billion. Small consolation: at $ 197 billion he is still by far the richest person in the world. Third place goes to Amazon founder Jeff Bezos, whose wealth has dropped by $ 65 billion to $ 127. Facebook founder Marc Zuckerberg has lost more than half of his fortune, which “Bloomberg” currently estimates at around $ 61. billions.
These losses are in stark contrast to the immense gains of last year, when not only the super rich benefited from the stock boom. According to the calculations of the consultancy Capgemini, the wealth of the rich increased overall by 8% in 2020 for a record total of 86 trillion US dollars. Capgemini includes individuals with at least $ 1 million in investable assets in this group.
Lots of rich people in Germany
The study not only shows how the wealthiest benefited from accommodative monetary policy in response to the krona pandemic, which led to soaring stock prices and property prices, for example. It also shows how wealth is distributed around the world.
According to the calculations, last year the dollar millionaire club worldwide grew strongly by 7.8%, reaching 22.5 million members. In Germany, nearly 100,000 people or 6.4% were added. A total of 1.63 million members have been counted in this country. This places Germany in third place behind the US and Japan. Then comes China. According to Capgemini, nearly two-thirds of all wealthy people in the world live in these four countries.
Recently published studies on the subject come to a similar conclusion, although the numbers are not identical due to differences in methodology. In the annual “World Wealth Report”, Capgemini takes into account, for example, equities, fixed income securities and real estate, as long as they are not used by the company itself.