According to a recent report, the world’s wealthiest individuals lost a staggering $10 trillion in 2022, primarily due to the global economic slowdown caused by the COVID-19 pandemic. This loss represents a significant hit to the fortunes of the wealthiest people on the planet, many of whom have seen their net worths balloon over the past decade as stock markets and other asset classes have boomed.
The report, which a major financial consulting firm released, analyzed the fortunes of the world’s top 2,000 billionaires and found that the average net worth of these individuals dropped by 17% in 2022. The report also noted that the number of billionaires decreased by 5% during the same period, reflecting the impact of economic volatility on the ultra-rich.
Many of the world’s wealthiest people saw their fortunes plummet as stock markets and other investments took a beating during the pandemic. However, some individuals fared worse than others. For example, those who were heavily invested in the tech sector, which experienced a significant correction in 2022, saw some of the most considerable losses. Conversely, those who were invested in more traditional asset classes, such as real estate and gold, tended to fare better.
The report also highlighted the growing inequality between the ultra-rich and the rest of the population. Despite losing billions of dollars, the world’s top billionaires still hold a staggering amount of wealth, with the top 10 individuals alone controlling more than $1.2 trillion. Meanwhile, many people worldwide continue to struggle with the economic fallout from the pandemic, with unemployment rates remaining high in many countries and poverty levels rising.
Overall, the report paints a stark picture of the impact of the pandemic on global wealth inequality. While the world’s wealthiest individuals may have lost billions of dollars, they still hold enormous power and influence, and the gap between the ultra-rich and the rest of the population continues to widen.
