The Richest People In The World Lost More Than $550 Billion In 2018

Like the old saying goes: What goes up must come down. And just as the fortunes of the world's wealthiest swelled during the post-crisis era as QE and ZIRP bolstered asset prices, now that trend has been thrown into reverse thanks to the turbulence in global markets during the second half of the year.

According to Bloomberg, even the world's richest individuals failed to find respite from a global market meltdown that has rendered 2018 the "worst year for markets on record."

DB

 

Bloomberg's Billionaires Index showed that the 500 richest people in the world had a combined $4.7 trllion in wealth as of Friday's close, some $511 billion less than they had at the beginning of the year. With one week left to trade this year, 2018 is set to become the second year since the list was created in 2012 that the world's wealthiest have seen their wealth decline.

Coaster

 

At their peak, soaring markets drove the aggregate wealth of the world's wealthiest above $5.6 trillion before the downturn began shortly after the Federal Reserve raised interest rates for the third time this year back in September.

"As of late, investor anxiety has run high," said Katie Nixon, chief investment officer at Northern Trust Wealth Management. "We do not expect a recession, but we are mindful of the downside risks to global growth."

Even Amazon founder and CEO Jeff Bezos, who saw his fortune swell to $168 billion earlier this year, has watched it fall more than $50 billion from the highs as FANG stocks have lead the market lower.

Even Jeff Bezos, who recorded the biggest gain for 2018, wasn’t spared the volatility. His fortune peaked at $168 billion in September, a $69 billion gain. It later tumbled $53 billion - more than the market value of Delta Air Lines Inc. or Ford Motor Co. - to leave him with $115 billion at year-end.

But Bezos' losses were mild compared with Mark Zuckerberg, whose net worth took the biggest hit among the world's tech titans.

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