A market sell-off following Tuesday’s Consumer Price Index (CPI) inflation data caused broader U.S. markets to post their worst day in 2022 since the start of the year.
Here’s a look at how the market meltdown has impacted the wealth of the world’s richest people.
What happened: Tuesday marked the worst day for the major stock market indices.
Markets traded lower after August CPI inflation data showed a rise of 8.3%. The figure was lower than the 8.5% increase reported in July, but higher than the 8.1% figure many had been expecting. With the higher inflation data, many are expecting the Fed to announce a 0.75% rate hike soon, which could indicate a slowdown in economic growth.
On Tuesday, the Dow Jones Industrial Average fell 3.94%. The S&P 500 fell 4.32% on Tuesday. The Nasdaq 100 ended down 5.16%, with all 100 components ending the day lower.
As stocks fell that day, so did the wealth of the world’s richest people, and many found large chunks of their wealth tied to publicly traded stocks.
Related link: Biden doesn’t want you to worry about today’s market crash or inflation numbers: ‘Economy is still strong’
Wealth changes of billionaires: Here’s a look at how the world’s 10 richest people fared on Tuesday after the market bloodbath Bloomberg Billionaires Index:
1. Elon MuskTesla Inc TSLA CEO: $256 billion, -$8.35 billion
2. Jeff Bezos, Amazon.com, Inc. AMZN Founders: $150 billion, -$9.84 billion
3. Gautam Adani, adani group, Chairman: $147 billion, +$1.58 billion
4. Bernard Arnault, LVMH Moët Hennessey Louis Vuitton SA LVMUY chairman: $135 billion, -$4.06 billion
5. Bill Gates, Microsoft Corporation MSFT Co-Founders: $115 billion, -$2.84 billion
6. Warren Buffett, Berkshire Hathaway BRKABRKB CEO: $97.0 billion, -$3.36 billion
7. Larry Page, Alphabet Inc WELLGoogle Co-Founders: $96.0 billion, -$5.20 billion
8th. Larry Ellison, Oracle Corporation ORCL Co-Founders: $94.9 billion, -$1.67 billion
9. Mukesh Ambani, Reliance Industries…
