The top 50 richest people in the world have lost more than half a trillion dollars on paper this year, a stunning loss of wealth that exceeds the gross domestic product of Sweden and is greater than the market caps of all but six companies in the S&P 500.
The 50 wealthiest people, which include Elon Musk, Jeff Bezos, Bill Gates and Warren Buffett, have had a combined $563 billion in net worth evaporate this year through May 22, according to the Bloomberg Billionaires Index, a ranking updated daily of the richest people in the world. The drop comes as the stock market flirts with its first bear market since the beginning of the pandemic.
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Mr. Musk, Tesla Inc.’s TSLA 1.66%▲ chief executive and the world’s richest man, currently has a net worth of $201 billion. On paper, he has lost $69.1 billion so far this year, the most of any billionaire currently on the top 50 list, according to the index. He is in the midst of buying social-media company Twitter Inc TWTR -1.12%▼. for $44 billion, a deal that he has said is on hold.