A market sell-off on the heels of Consumer Price Index (CPI) inflation data Tuesday saw the broader U.S. markets post their worst day year-to-date in 2022.
Here’s a look at how the market collapse impacted the wealth of the richest people in the world.
What’s Happened: Tuesday marked the worst day for the major stock market indexes.
The markets traded down after the CPI inflation data showed an 8.3% rise in August. The figure was lower than the 8.5% increase reported in July but came in ahead of an 8.1% figure many were expecting. The higher inflation data has many expecting the Fed to announce a 0.75% rate hike soon, which could indicate a slowdown in economic growth.
On Tuesday, the Dow Jones Industrial Average was down 3.94%. The S&P 500 fell 4.32% Tuesday. The Nasdaq 100 closed down 5.16% with all 100 components ending the day in the red.
With stocks falling on the day, the wealth of the richest people in the world also fell, with many seeing large portions of their wealth tied to publicly traded stocks.
Related Link: Biden Doesn't Want You To Worry About Today's Market Crash Or Inflation Numbers: 'Economy Is Still Strong'
Billionaires' Wealth Changes: Here’s a look at how the top 10 richest people in the world fared on Tuesday after the market bloodbath, according to the Bloomberg Billionaires Index:
1. Elon Musk, Tesla Inc (NASDAQ:TSLA) CEO: $256 billion, -$8.35 billion
2. Jeff Bezos, Amazon.com, Inc. (NASDAQ:AMZN) founder: $150 billion, -$9.84 billion
3. Gautam Adani, Adani Group, chairman: $147 billion, +$1.58 billion
4. Bernard Arnault, LVMH Moet Hennessey Louis Vuitton SA (OTC:LVMUY) CEO: $135 billion, -$4.06 billion
5. Bill Gates, Microsoft Corporation (NASDAQ:MSFT) co-founder: $115 billion, -$2.84 billion
6. Warren Buffett, Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) CEO: $97.0 billion, -$3.36 billion
7. Larry Page, Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) co-founder: $96.0 billion, -$5.20 billion
8. Larry Ellison, Oracle Corporation (NYSE:ORCL) co-founder: $94.9 billion, -$1.67 billion
9. Mukesh Ambani, Reliance Industries chairman : $93.7 billion, +$1.23 billion
10. Sergey Brin, Alphabet co-founder: $91.9 billion, -$4.94 billion
Adani and Ambani were the only two people among the top 25 richest people in the world who saw a gain in their wealth Tuesday.
Outside of the top 10, other billionaires who saw a large drop in their wealth were former Microsoft CEO Steve Ballmer (11th) and Meta Platforms (NASDAQ:META) co-founder Mark Zuckerberg (20th) who lost $4.68 billion and $5.57 billion, respectively.
Overall, the top 10 richest people in the world lost $37.45 billion on Tuesday, or an average loss of $3.75 billion; the top 20 richest people in the world lost $57.36 billion in wealth.
Year-to-date the top 10 billionaires have lost $136.79 billion in wealth, or an average loss of $13.68 billion. The losses come after 2021 saw strong returns for many on the list.
SPY Price Action: The SPDR S&P 500 ETF Trust (NYSE:SPY), which is used as a gauge of market health, is trading flat at $392.24 at the time of writing.
