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The energy crisis has also taken big chunks out of the wealth of super-rich people whose wealth is not in the energy industry. For example it looks like Bloombe
by makomk 4y ago
The energy crisis has also taken big chunks out of the wealth of super-rich people whose wealth is not in the energy industry. For example it looks like Bloomberg's Billionaires Index is estimating that Bezos (#2 wealthiest) lost 28% of his wealth since the start of the year, the chairman of Louis Vutton lost 30%, and Bill Gates (#5) and Warren Buffett (#6) lost 24% and 14% despite being well diversified. The thing is that on the way down all the headlines are about the cost to ordinary people and none mention the effects on the wealthy, whilst on the way up the headlines are about the gains for the wealthy and any benefits to ordinary people go almost unnoticed.