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TheBadPlaceyahoo news | Even billionaires aren't safe: This year’s market slump has wiped $75 billion fr...
The recent market tumble has hit even the ultra‑wealthy hard. Six of the ten richest people in the world have seen their fortunes shrink by $30 billion to $60 billion this year, a collective loss of more than $255 billion. Jeff Bezos is down $30.7 billion, Mark Zuckerberg $46.3 billion, and Larry Ellison has lost the most at $59.6 billion, reflecting sharp declines in the stocks that power their wealth—Amazon, Meta and Oracle have all fallen double‑digit percentages, and every member of the “Magnificent Seven” tech giants is down from its 52‑week high.
Despite these setbacks, total billionaire wealth remains at a record high. In 2025 the global billionaire pool reached $18.3 trillion, a 16 % jump that is three times the five‑year average growth rate, and since 2020 the aggregate has risen 81 %. The ten richest Americans added $698 billion between November 2024 and the same month in 2025, underscoring how tightly the top 0.1 % of U.S. households are linked to the equity market—accounting for roughly a quarter of all U.S. stock ownership—while the bottom half own just 1.1 %. This widening concentration of wealth is shifting public opinion, with a growing share of Americans now supporting higher taxes on the richest.
The fallout has also reignited debate over billionaire philanthropy. While many billionaires have signed the Giving Pledge to donate at least half of their fortunes, critics argue that large endowments are difficult to deploy effectively. Rapper Jay‑Z brushed off blanket criticism, saying it’s a “cop‑out” that ignores systemic issues, and Liz Baker, CEO of Greater Good Charities, warned that giving away billions is far more complex than simply writing a cheque. The conversation highlights the challenges of turning immense private wealth into meaningful social impact.
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