Top 4 Billionaires In The World With Over $50 Billion Wealth Loss
|Top 4 Billionaires In The World With Over $50 Billion Wealth Loss In 2022. Photo KnowInsiders|
2021 and 2022 have been hard years to billionaires in the world. Mark Zuckerberg, Changpeng Zhao, Jeff Bezos and Bernard Arnault suffered from wealth loss of up to $70 billion.
The 400 wealthiest people in America are poorer this year. Tech tycoons have taken the brunt of the beating. Billionaires — including Mark Zuckerberg, Jeff Bezos and Elon Musk — took a financial hit in the first half of 2022, losing a total of $1.4 trillion, Bloomberg reported.
Top 4 Billionaires In The World With Over $50 Billion Wealth Loss
1. Mark Zuckerberg
Net worth: $52.6 billion
Wealth lost compared to early this year: $72.9 billion
The Facebook boss is the billionaire who has lost the most fortune since the beginning of the year, according to Bloomberg.
Mark Zuckeberg currently owns 52.6 billion USD, ranked 22nd in the world. This is also the lowest ranking of the Meta CEO since 2014.
Most of Zuckerberg's fortune comes from the company that owns the largest social network on the planet: Facebook.
The CEO born in 1984 changed the company name to Meta in October 2021. This is considered the starting point for the decline of this technology company.
Recent financial reports show that Meta's business situation is quite bleak. In February, the company said the number of monthly Facebook users was not growing, sparking a record drop in the stock price, causing Zuckerberg's fortune to evaporate by $31 billion in a single day.
The public might also be feeling dubious. Recently, Zuckerberg was roasted online for the apparent simplicity of a picture of his metaverse avatar, (which he later said was a draft of sorts) relative to the cost of the project.
Facebook is also losing out on Generation Z, pretty resoundingly, to TikTok, despite the company's attempts to replicate short-form video on Instagram and Facebook.
2. Changpeng Zhao
Net worth: $27.6 billion
Wealth lost compared to early this year: $68.3 billion
Earlier this year, Bloomberg included Zhao in the list of 500 richest people in the world with an estimated fortune of $96 billion.
The Chinese-Canadian businessman is also the richest person in the crypto space, according to estimates by both Bloomberg and Forbes. However, cryptocurrencies have plummeted in recent times, causing Zhao's fortune to "evaporate" more than $68 billion.
Changpeng Zhao (nicknamed CZ) was born into poverty and grew up in a village in Jiangsu province, China. Zhao founded Binance in 2017 and gradually grew it to become one of the largest cryptocurrency exchanges in the world.
|What is Binance? |
Binance, the world’s largest cryptocurrency exchange by trading volume, has seen soaring valuations since it was founded in 2017 largely thanks to a cryptocurrency fervour sweeping the globe, raising the price of coins and enticing new investors.
Binance’s US arm also benefited from a pandemic growth spurt, most recently valued at US$4.5 billion in April.
That massive growth helped Zhao’s net worth similarly skyrocket. He’s now worth an estimated US$18.5 billion, according to Bloomberg’s Billionaires Index, making him the 80th richest person in the world and the wealthiest person in the industry.
|Changpeng Zhao doesn’t really care much about money |
Zhao may be one of the richest figures in the crypto world – and outside it for that matter – but he said he’s not too concerned with numbers.
He made the comment in an interview with Bloomberg’s BusinessWeek, published on June 23, while discussing his company’s recent plummet in value amid a marketwide rout for cryptocurrencies that’s seen bitcoin, still the flagship digital token, fall some 70 per cent since November.
“So there’s a couple of things about me,” Zhao said in the interview, which was conducted in May. “I don’t really care much about money.”
|Changpeng Zhao is settling in Dubai soon |
Zhao famously tried to nestle his company in China – before quickly fleeing after the government implemented strict anti-crypto rules – as well as the tax-friendly Cayman Islands.
He only recently decided to settle in Dubai, choosing a flat and a Toyota minivan, according to Bloomberg. He’s often seen wearing simple, black Binance-branded shirts.
3. Jeff Bezos
Net worth: $137 billion
Wealth loss compared to early this year: $55.6 billion
Jeff Bezos, the owner of Amazon, used to be the richest person in the world for a long time before being overtaken by Tesla CEO Elon Musk. Recently, Bezos continued to lose the position of the second richest person in the world on Bloomberg's ranking. The person "overtaking" the Amazon boss is Indian billionaire Gautam Adani.
In the wave of sell-off in technology stocks, Amazon is no exception. Shares of the US e-commerce giant plummeted, causing founder Bezos' fortune to "evaporate" $ 55.6 billion since the beginning of the year.
4. Bernard Arnault
Net worth: $127 billion USD
Wealth loss compared to early this year: $50.6 billion
Bernard Arnault is the Chairman and CEO of LVMH, the world's largest luxury brand. Although his fortune has dropped by more than 50 billion USD since the beginning of the year, he is still the 4th richest billionaire in the world - after Elon Musk, Gautam Adani and Jeff Bezos.
LVMH is the parent company of 75 brands including Louis Vuitton, Christian Dior, Sephora, Bulgari and also jewelry brand Tiffany & Co.
|Arnault comes from the northern French town of Roubaix. In the late 1980s, Arnault said his goal was to run the world's largest luxury company within the following decade. |
Arnault married Anne Dewavrin in 1973, and they had two children together before separating in 1990. Arnault remarried in 1991, to Hélène Mercier, a Canadian concert pianist.
Like many of his fellow billionaires, Arnault lives a lavish life. He travels by private jet, owns a sprawling vacation villa in glitzy Saint-Tropez on the French Riviera, and reportedly has also spent at least $96.4 million on residential properties in the Los Angeles area: in Beverly Hills, and in the Trousdale Estates and Hollywood Hills neighborhoods.
|Delphine, Arnault's oldest daughter, is the apparent heiress to the LVMH empire. She started her career at American consultancy firm McKinsey & Co. in Paris and is now the executive vice president at Louis Vuitton. |
In January 2019, Delphine became the youngest member of LVMH's executive committee at age 43.
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