One reason why Biden hasn't freaked out over this record crash in US household net worth, is that so far, the richest Americans have borne the brunt, with US billionaire fortunes down $800 billion since their peak amid the sharp losses in stocks, crypto and other financial assets.
Billionaires were the biggest winners of 2020 and 2021. Now they’re losing more than almost everyone else. The Bloomberg Billionaires Index, a daily measure of the wealth of the world’s 500 richest people, has dropped $1.6 trillion since its peak in November.
Leading the way are the Americans on the index, who have lost $797 billion since their peak. Perhaps the most humbled by it all is the world’s richest person, Elon Musk. He’s lost $139.1 billion, or 41% of his wealth, since November, when his net worth briefly surpassed $340 billion. Amazon.com Inc. founder Jeff Bezos, the second-richest person, lost $82.7 billion, or 39% of his peak wealth.
Americans Have Lost $20 Trillion Since The Start Of 2022
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