In one day, the total wealth of America’s billionaires plunged by more than $93 billion, which is equivalent to Rs 7.34 lakh crore in Indian rupees.
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It is generally believed that no matter how much inflation rises, it does not affect the health of billionaires. Although not this Tuesday itself, millions of millionaires have sunk into the market due to rising inflation. In fact, after the US inflation rate rose sharper than expected, there was a terrible sell-off in the stock market. Due to this, the total wealth of America’s billionaires plunged by more than $93 billion in one day, which is equivalent to Rs 7.34 lakh crore in Indian rupees. In fact, rising inflation has raised fears that the Federal Reserve will raise rates faster than now projected, leading to a potential recession in the economy. Due to this, investors have withdrawn their investments from the market.
How many millionaires have lost in total?
According to the Bloomberg Billionaires Index, Amazon’s Jeff Bezos was the worst hit in the crash, with his net worth dropping $9.8 billion in one day. Elon Musk lost $8.4 billion in one day. Whereas Mark Zuckerberg lost $5.6 billion, Larry Page $5.2 billion, Sergey Brin $4.9 billion, Steve Ballmer $4.7 billion, Bernard Arnault $4.1 billion, Shengpeng Zhao $3.9 billion, Warren Buffett $3.4 billion and Bill Gates $2.8 billion. These losses are due to the decline in the share prices of these billionaires as their share valuations fall.