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A Bloomberg report found the 500 richest people in the world have collectively lost $1 trillion this year.
That’s because stocks have been plunging.
In contrast, the lowest earning Americans are seeing their pay rise at a solid clip.
Americans aren’t feeling great about the economy.
Inflation is high, and the markets aren’t looking too hot. As stocks plunged this week, so did the net worth of a whole lot of rich people, who tend to have their wealth parked in assets. Indeed, Bloomberg’s Joe Weisenthal reports that the 500 richest people in the world have lost over $1 trillion this year.
As Weisenthal notes, that creates an interesting contrast between two very disparate types of people in the American economy: Those vying for jobs and seeing hourly wages soar — and those whose net worth comes from assets.
For instance, as crypto takes a major hit, Bloomberg reported that Coinbase founder Brian Armstrong has seen his net worth fall from $8 billion in March to just $2.2 billion. It’s not just Armstrong: Bloomberg found that Changpeng Zhao, the CEO of Binance, had seen his net worth shrink from $96 billion in January to $11.6 billion.
The cumulative $1 trillion loss still leaves plenty for the ultra-wealthy. During the pandemic, the wealthiest people in America — and the world — were notching huge gains. An Oxfam brief found that, from March 2020 to March 2022, American billionaires’ wealth grew by 62%, bringing their net worths to $4.7 trillion. Another Oxfam report found that the world’s 10 richest men more than doubled their cumulative wealth from March 2020 to November 2021, increasing their collective net worths from $700 billion to $1.5 trillion. At that rate, they were making $15,000 every second.
Tech salaries serve as a good …read more
Source:: Business Insider