According to the Bloomberg Billionaires Index, the world’s top 70 billionaires witnessed their wealth decline after stock markets plummeted on Friday.
Business tycoons like Elon Musk, Gautam Adani, Jeff Bezos, and others watched their wealth drop as global stock markets declined.
The richest man in the world, Elon Musk, lost $9.03 billion (about Rs. 73,373 crores), leaving him with $245 billion (Rs. 19.90 lakh crores) in total assets. Meanwhile, Gautam Adani, a billionaire tycoon, lost $3.50 billion (Rs. 28,439 crores), bringing his net worth down to $142 billion (Rs. 11.53 lakh crores).
Jeff Bezos, the founder of Amazon, lost $3.72 billion (Rs. 30,227 crores), while Bernard Arnault, the CEO of Louis Vuitton, witnessed a $5.75 billion (Rs. 46,721 crores) decline in his wealth.
Mukesh Ambani, the other Indian on the list, also lost $1.77 billion (Rs. 14,382 crores) and is ranked ninth on the global rich list.
However, according to the IIFL Wealth Hurun India Rich List 2022, Adani continues to be the richest Indian. He continues to hold the top rank and is followed by Mukesh Ambani, the chairman of Reliance Industries, with a net worth of more than Rs 11 lakh crore. Additionally, the list revealed that since 2021, Adani has been making 1,600 crores every day.
The Sensex plunged by 1,020 points on Friday, continuing its decline for the third day. The Federal Reserve increased its benchmark interest rate on Wednesday by three-quarters of a percent for the third time in a row in an effort to combat inflation, but the move tumbled the world’s stock markets, as per reports from the Associated Press.
Additionally, the Federal Reserve expects to increase its benchmark rate by one full percentage point from its June prediction to approximately 4.4% by year’s end.
Since the US Federal Reserve increased the main interest rate last Wednesday, the economy has been in chaos. The majority of world currencies went into a spiral as a result. Asian currencies suffered, particularly the Indian rupee and the Japanese yen. The Indian rupee is at an all-time low in comparison to a soaring USD.
The Indian rupee crossed the 80-threshold earlier last week and is currently hovering around 81. This also caused a decline in the stock market.
While the world economy is in crisis, cryptocurrencies also seem to be doing poorly. Since the outbreak of the COVID pandemic, it has been witnessed that virtual currencies have been collapsing, with many people losing all of their life savings in the process.
Although these issues may initially seem unimportant, the consequences are much scarier as the majority of jobs in the technology sector are dependent on the billionaire founders’ and investors’ riches, and if they lose, so will the companies.
It may be mentioned that even major corporations like Google, Apple, and Microsoft are not protected in the current economic landscape. Big tech companies have already limited their employment, and instead of expanding, the focus is on strengthening what is left.
With the current economic situation, it is becoming more difficult to find a job, a job with a purpose, or the package desired. Employees are resorting to moonlighting to supplement their income.
edited and proofread by nikita sharma
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