Rich list shows even some billionaires have taken a hammering
Forbes’ annual world billionaires list is out, and for only the second time in a decade, their total wealth has decreased in the last year. Some 247 of the ultra-rich dropped out of the rankings, the most since 2009 at the height of the global financial crisis.
In total, the ultra-rich are worth $8.7 trillion, down $400 billion from 2018.
The richest person in the world? Jeff Bezos ($131 billion). The richest woman? L'Oréal heiress Francoise Bettencourt Meyers ($49.3 billion).
And what about No. 715, Donald Trump? His fortune stayed flat at $3.1 billion.
Australia’s top five were: Gina Rinehart (No. 75, $152b)), Harry Triguboff (No. 156, $9.2b, Anthony Pratt (No. 207, $7.1b), Mike Cannon-Brookes and Scott Farquhar (No. 215, $6.9b) and Frank Lowy (No. 244, $6.5b).
Asia-Pacific was hardest hit, with 60 fewer 10-figure fortunes. That dip was led by China, which has 49 fewer billionaires than a year ago. Europe, the Middle East and Africa also lost ground. The Americas, driven by a resurgent Brazil, and the US are the only two regions that have more billionaires than they did a year ago. There are now a record 607 in the US. That includes 14 of the world’s 20 richest.
A record number of billionaires were under 40. The wealthiest member of that group was Mark Zuckerberg ($62.3 billion).
There are 195 new billionaires, including the founders of Spotify, Canada Goose and Juul.
Thanks to Kylie Cosmetics and a new deal with beauty retailer Ulta, Kylie Jenner, 21, has an estimated $1 billion fortune. “It’s the power of social media,” she says. “I had such a strong reach before I was able to start anything.”
These 8 men control half the wealth on earth, they hold the equivalent of the wealth of 3.6 billion people.
Bill Gates
Amancio Ortega (Spanish founder of Inditex)
Warren Buffett
Carlos Slim (Mexican businessman)
Jeff Bezos
Mark Zuckerberg
Larry Ellison
Michael Bloomberg
Six of the eight individuals are American, and four of the eight (half the list) come from the American tech community -- Gates, Bezos, Zuckerberg, and Ellison.Unless the growing gap between rich and poor is addressed, the world can expect more political unrest, rage, and the kind of backlash many say led to events like Brexit and Trump's election.