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Total wealth of the global rich dips, says Forbes

Total wealth of the global rich dips, says Forbes

Pop star Rihanna

The war and chaos spare none, not even the moneyed ones and the jet-set kind.

Now, the continuing Ukraine crisis has the richest feeling the pinch, according to a report in The Guardian.

Total wealth of the world's billionaires fell from a record high last year.

This economic topsy-turvy took place amid a drop in global stock markets following Russia's invasion of Ukraine.

Don't think they are on a shoe-string. The world's richest still hold a total $12.7tn (£9.7tn) in assets while most others struggle day in and day out.

Forb magazine's annual ranking of the world' richest shows fall in number of billionaires by 329 to 2,668.

Their combined assets also fell nominally from $13.1tn on the 2021 list, according to the report.

Putin's invasion plus the 'avalanche of sanctions' hit both Russian stock market and the value of roubles.

This volatile situation brought in fewer Russian billionaires on the list, according to the Guardian said.

Those with billionaire status in the country saw their fortunes stagnate; their total wealth fell by more than $260bn compared to the year past.

The fall in number of billionaires from 2,755 to 2,668 was the largest since 2009 financial crisis, Forbes said.

However a bounce back after pandemic situation marked an increase of more than 600 in 2021—that is before the war.

Sensational Elon Musk first time became the world's richest with a $219bn fortune, overtaking Amazon's Jeff Bezos.

Musk's wealth was up by $68bn on the previous year. Thanks to the soaring share price of the carmaker.

Jeff Bezos's fortune fell to $171bn following a small dip in his company's share price as well as allowing for dominations to charity.

Many newcomers to the 2021 list of the top billionaires fell out this time.

They include John Foley of exercise bike company Peloton and Whitney Wolfe Herd of dating app Bumble.

Upside is 236 people including pop star Rihanna, director Peter Jackson and the venture capitalist Joshua Kushner entered the list this time.

Also, Barbados, Bulgaria, Estonia and Uruguay gained their first billionaires, The Guardian reported.

Millionaires for Humanity, a grouping of the rich standing for global wealth tax on the super-rich, called the Forbes list of the world rich " a slapin the face of humanity", according to the report in The Guardian.

Its founder and Danish multimillionaire Djaffar Shalchi said the list was a stark reminder of obscenely unequal world we live in.

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TAGS:Forbes-listElon Musk
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