The 500 wealthiest people in the world have lost a combined $1.4 trillion this year, including $206 billion yesterday.
According to the Bloomberg Billionaires Index, the loss is attributed to pressure on global financial markets due to higher interest rates and inflation anxiety.
The data show that the ranks of the wealthy in Asia-Pacific increased just 4.2% — trailing Europe and falling further behind North America after dominating the growth of rich people for the past decade.
The US, Japan, China and Germany remain among the top countries where most of the world’s wealthy live.
The four are home to almost 64% of high-net-worth individuals globally. What’s more, even among the world’s high-net-worth individuals, the very rich saw the most benefits.
People with investable assets of $30 million or more saw their wealth expand 9.6% compared with 2020, the fastest pace among the group studied by the report.
Those with $1 million to $5 million – defined as “millionaires next door” – had the slowest wealth growth at 7.8%.