America’s richest are “poorer” than a year ago due to inflation and the market decline

The rise in inflation and the decline in the market over the past year have punched Americans in their wallets and wallets, and the latest numbers show that the super rich have also taken a hit.

Forbes reported that its 2022 list of the 400 richest people in the US shows that the group is collectively worse off financially than in 2021 due to the economic crisis and the minimum net worth needed to get to The Forbes 400 has dropped for the first time. time from the Great Recession.

Bill Gates attends the World Leaders Summit session “Accelerating Innovation and Clean Technology Deployment” on the third day of COP26 on November 2, 2021 in Glasgow, Scotland. (Jeff J Mitchell / Getty Images / Getty Images)

Overall, the elites are “poorer” by $ 500 billion and have seen a $ 4 trillion drop in net worth, equivalent to an 11% drop since 2021, according to the outlet that released the numbers using pricing. of shares starting from 2 September.

Forbes data shows that the last time the group’s net worth fell was in 2009, in the midst of the latest US financial crisis.

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The limit for the cut has dropped to a minimum net worth of $ 2.7 billion this year, down $ 200 million from 2021.

Mark Zuckerberg

Meta CEO Mark Zuckerberg talks about the new Facebook News feature at the Paley Center For Media on October 25, 2019 in New York City. (Drew Angerer / Getty Images / Getty Images)

The tech titans were hit hardest, losing a total of $ 315 billion, with the largest individual loss suffered by Meta CEO Mark Zuckerberg, who saw his net worth drop by $ 76.8 billion. The Facebook founder is now at number 11 on the list of the richest in the country, down from number 3 in 2021.

Despite significant losses and 41 individuals who dropped off the list this year, Forbes noted that some of the major players still saw a boom this year. But only two individuals in the top 10 saw their net worth increase.

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One was Tesla CEO Elon Musk, who first took the top spot on the Forbes 400 chart with a net worth of $ 251 billion, up $ 60.5 billion from 2021. Dethroned Amazon founder. Jeff Bezos, who went from # 1 to # 2 on the list with a net worth of $ 151 billion after a 27% decline in Amazon stock.

jeff bezos lauren sanchez

Jeff Bezos and Lauren Sanchez attend the world premiere of The Lord of the Rings: The Rings of Power, at Odeon Leicester Square, London on August 30, 2022. (Yui Mok / PA Images via Getty Images / Getty Images)

Media mogul and former New York City mayor Michael Bloomberg was the only other person in the top ten to see his net worth grow and he ranks number 9 with a fortune of $ 76.8 billion.

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The rest of the top ten all saw a drop in net worth, including # 3 Bill Gates, # 4 Larry Ellison, # 5 Warren Buffet, # 6 Larry Page, # 7 Sergey Brin, # 8 Steve Ballmer and n. 10 Jim Walton.

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