The World's Richest People Lost $511 Billion in 2018

[WhiteTara]

https://www.bloomberg.com/news/articles/2018-12-21/world-s-richest-lost-511-billion-in-a-year-of-market-turmoil?utm_medium=social&cmpid=socialflow-twitter-business&utm_content=business&utm_source=twitter&utm_campaign=socialflow-organic

The richest people on Earth lost $511 billion this year after record first-half gains were obliterated by a succession of bruising market selloffs.

Global trade tensions and worries about a U.S. recession dragged markets lower at year-end, leaving the 500 people on the Bloomberg Billionaires Index with a combined net worth of $4.7 trillion as of Friday’s close. It’s only the second annual decline for the daily wealth index since its 2012 debut, and represents a sharp about-turn from the start of the year, when bullish investors helped propel the fortunes of the richest to a record $5.6 trillion.

“As of late, investor anxiety has run high,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management. “We do not expect a recession, but we are mindful of the downside risks to global growth.”
Even Jeff Bezos, who recorded the biggest gain for 2018, wasn’t spared the volatility. His fortune peaked at $168 billion in September, a $69 billion gain. It later tumbled $53 billion -- more than the market value of Delta Air Lines Inc. or Ford Motor Co. -- to leave him with $115 billion at year-end.


Not that I care that they lost money; and poor Jeff he only made a $16B profit. I have no idea how he'll survive.

[BootinUp]

1. Poor things.

[Jeffersons Ghost]

12. In the sprit of Holiday giving, let's create a tRump wall-like fund for them...

If Teflon Don can avoid pissing off France, like he did most US allies, we can create a non-profit fund to buy them French Champagne and Russian Caviar. Alas, poor little wealthy criminals. Shall we sing Com-Ba-Ya or X-Mas songs?

[Thekaspervote]

2. I lost money too! Anyone with investments did... having said, good! I'm glad they lost money

[tblue37]

8. And now our pensions are at risk from this volatility. nt

[catbyte]

3. ...

[msongs]

4. relax billionaires. I found it all. come over and get some of it back lol nt

[Jeffersons Ghost]

13. Come over where? I didn't check; but you must live in China, Russia or North Korea n/t

[oberliner]

5. Are we supposed to want billionaires to make money or lose money?

[Blecht]

6. Most of the rich seem to be pretty damn stupid

They do better if everybody does better -- money grabs like this years tax "reform" never work out for them. It hurts the everybody.

I guess they do get the pleasure of watching the riffraff like me suffer.

[Fullduplexxx]

7. Illusionary money

[dweller]

9. seriously tho

where did it go ?

they lost it ? is it floating on a wind somewhere ?

I once found $1800. fluttering in a breeze ... easy to spot in a fat little stack, a few $100s trickling away as I approached it...

but $511 billion?
where'd it go 🤔

✌🏼️

[Progressive Jones]

11. LOL. I watched a drug deal go down between 2 guys on a bus in Chicago,

and when the "dealer" got up to leave the bus, he dropped his "roll". I got off that bus 2300 dollars richer. There are winners and there are losers. The bus fare I paid that day turned out to be a great investment.

[raccoon]

16. Cool story, bro. Nt

[Devil Child]

10. Womp womp! n/t

[seaglass]

14. Yes and a lot of middle class people lost retirement money - boohoo, right?

I'm not feeling in a very celebratory mood

[BumRushDaShow]

15. The Dow posted a record high of 26,828.39 just over 2.5 months ago

on Oct. 3rd. It just closed on Friday at 22,445.37, down 4383.02, a loss of ~16% of its value. It's now ~983 points away from a 20% correction or technical "bear market" territory. That could happen with just a couple sessions. The NASDAQ is already there, as are > 50% of the S&P companies.


As of Thursday 12/20/18 -


https://www.marketwatch.com/story/all-the-biggest-stocks-that-are-now-in-a-bear-market-in-one-chart-2018-12-17

[jberryhill]

17. Look in the sofa cushions!

[JustABozoOnThisBus]

18. "We" don't look in sofa's cushions. "We" have people for that. nt