The richest Americans haven’t gotten richer this year for the first time since the Great Recession. Instead, they lost billions amid rising inflation and falling stock prices.
The combined net worth of the 400 richest Americans has fallen by $500 billion, according to Forbes estimates. According to the outlet, the biggest losers were the tech tycoons.
The world’s richest tech tycoons have collectively lost $315 billion. Currently, 65 people on the 2022 list have made their fortunes in technology; 50 became poorer than in 2021.
Based on data provided by the outlet, Meta CEO Mark Zuckerberg lost the most. His net worth decreased by $76.8 billion.
Zuckerberg is the 24th richest man with a net worth of $48.7 billion.
According to Forbes estimates, the fourth richest person in the world, Amazon founder Jeff Bezos, lost about $50 billion between September 3, 2021 and September 2, 2022.
Google founders Larry Page and Sergey Brin together lost about $60 billion, while Microsoft co-founder Bill Gates, the fifth richest person in the world, saw his net worth fall by $28 billion.
Like Gates, Bezos’ ex-wife Mackenzie Scott, number 30 on Forbes’ richest list, lost billions not only because Amazon stock plummeted, but also because of her charitable giving.
As of June last year, Scott has reportedly given more than $4 billion to causes including Planned Parenthood and the Boys & Girls Clubs of America.
Between September 2021 and September 2022, Scott lost $20.8 billion.
Oracle owner Larry Ellison lost $16.3 billion. “Shares of its database giant Oracle are down 17% since the 2021 listing as it struggled with the rest of the market,” Forbes reported.
Oracle reportedly began laying off hundreds of employees last month, mostly in advertising, to focus on healthcare IT and its cloud business.
Former Microsoft CEO Steve Ballmer lost $13.5 billion as Microsoft’s shares fell 14%. Despite losing billions, he is still the 11th richest person in the world with a net worth of $77.7 billion.
Pierre Omidyar, the founder of eBay, saw his net worth drop by $15.4 billion. He is now the 189th richest man in the world with a net worth of $9.5 billion according to Forbes Real-Time Billionaires List.
https://www.ibtimes.com.au/400-richest-americans-are-500-billion-poorer-year-1838902?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution 400 richest Americans are $500 billion poorer this year