Toki
Everything in the world is relative, just like oranges among fruits, they are bitterer than cantaloupe, but much sweeter than bitter melon. In 2022, the life of the richest people in the world is a bit bitter. Of course, it is much sweeter than ordinary people.
This year, the technology industry has been impacted by the weak economy. Rising inflation and dollar interest rate hikes have also affected the happiness of the rich. The stock prices of software and hardware companies and Internet giants fell sharply. The wealth of the rich based on this calculation has also shrunk.
Don’t think that the wealth of the rich is getting less and less, no. The data speaks for itself. Generally speaking, the median can be a better measure of comparative wealth. Ten years ago in 2013 the median net worth of the 10 richest was $39 billion. While 2022 looks dire, the median net worth of the top 10 billionaires will surge to $115 billion.
Most of the wealth of the rich comes from business equity, real estate, and publicly traded stocks, which benefit from cheap money and ultra-low interest rates. Over a period of more than 10 years, the median net worth of the top 10 richest people has nearly tripled from US$39 billion to US$115 billion. So you can see that the wealth of the 500 richest people has shrunk by 1.4 trillion this year. That is because of the shrinking capital, which is the highest in a century. That is because even millionaires were rare a hundred years ago.
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