Top billionaires lost $1.4tr in 2022 amid inflation anxiety

RIYADH: The 500 wealthiest billionaires in the world have lost at least $1.4 trillion in 2022, as the world has been facing unprecedented geopolitical tensions, market volatility, inflation, and higher interest rates over the last few months, according to Bloomberg Billionaires Index.

Chinese-Canadian billionaire Changpeng Zhao lost $85.6 billion in 2022, followed by Tesla’s Elon Musk and Amazon’s Jeff Bezos who lost $73.2 billion and $65.3 billion respectively.