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Billionaires - December 12, 2022

360 Billionaires Lost their Status in 2022

According to a report by UBS Group AG, an international investment bank, 360 billionaires worldwide lost their billionaire status in 2022. The provider of financial services links the fall to macroeconomic volatility, geopolitical tensions, and supply chain disruptions that affected the performance and valuation of companies.

The group estimates that there were 2,668 billionaires in the world in 2022, 87 fewer than in 2021, as a result of the Russia-Ukraine war, tighter monetary policy, falling stock prices, and slowing Chinese economic growth.

“It’s a time of shifting fortunes. Rapidly rising interest rates, stop-start pandemic reopening and war in Europe are feeding market uncertainty and volatility, with wealth created and eroded in almost equal measure,” In its Billionaire Ambitions report, UBS noted that despite the upheaval, some trends continue, most notably the general idea of smart innovators succeeding.

The number of billionaires in the Asia-Pacific region, which continued to be the largest during the year under review, decreased by 59 to 1,084, while China, the Middle East, and Africa each saw declines of 626 to 540 and 91 to 89 billionaires, respectively.

Similar to Africa, the Middle East, and the Asia-Pacific region, Western and Eastern Europe saw a decline in the number of billionaires from 474 to 467 and 91 to 89, respectively, while the United States saw an increase from 724 to 735 billionaires. This follows reports that four African billionaires may soon lose their billionaire status.

According to Billionaires.Africa, four billionaires are on the verge of losing their billionaire status, including Strive Masiyiwa, the richest person in Zimbabwe and a prominent telecom and tech billionaire whose net worth has dropped from nearly $3 billion at the beginning of the year to $1.2 billion.

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