The cumulative net worth of Greater Washington’s billionaires has shrunk 12.68% since April, according to the Forbes billionaires index.
The 16 billionaires with close ties to the region and its businesses saw their collective worth fall from $251.6 billion in early April to $219.7 billion in late September.
The losses are in line with a $1.4 trillion cumulative loss for the world’s 500 richest people in the first half of 2022 that Bloomberg reported in July. That report cited poor company performance and swings in certain markets — notably cryptocurrency — as well as other factors reducing the worth of the nation’s wealthiest, like high inflation, supply chain disruptions and fast interest rate hikes.
Jeff Bezos, executive chairman of Amazon.com Inc. (NASDAQ: AMZN) and owner of The Washington Post, has seen his net worth slip by $33.8 billion since April, when Forbes put out its new billionaires index.