Top 50 Richest People Have Lost More Than Half a Trillion Dollars This Year
The wealth of Musk, Bezos, Gates and others was hit as stock market flirts with first bear market since the beginning of the pandemic
The top 50 richest people in the world have lost more than half a trillion dollars on paper this year, a stunning loss of wealth that exceeds the gross domestic product of Sweden and is greater than the market caps of all but six companies in the S&P 500.
The 50 wealthiest people, which include Elon Musk, Jeff Bezos, Bill Gates and Warren Buffett, have had a combined $563 billion in net worth evaporate this year through May 22, according to the Bloomberg Billionaires Index, a ranking updated daily of the richest people in the world.
The drop comes as the stock market flirts with its first bear market since…
