If last week’s market turmoil has you worried about your investments, know that you’re in good company — even the ultra-rich are feeling the impact. Six of the 10 richest individuals in the world saw wealth reductions of between US$30 billion and US$60 billion this calendar year, totaling more than US$255 billion.
Jeff Bezos’ net worth has fallen by $30.7 billion since January, while Mark Zuckerberg has faced a $46.3 billion reduction, according to the Bloomberg Billionaires Index. The biggest fall was that of Larry Ellison (Oracle), whose fortune fell by US$59.6 billion, to US$188 billion — well below the peak of US$400 billion recorded last September, when he surpassed Elon Musk as the richest person in the world.
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For billionaires, losses are directly linked to the market. Amazon shares are down nearly 11% this year, Meta is down about 18% and Oracle is down nearly 30%. All members of the group known as the “Magnificent Seven” — including Alphabet, Apple, Tesla, Microsoft and Nvidia — are now down double-digits from their 52-week highs.
A combination of factors is driving the decline, from geopolitical tensions (including conflicts with Iran) to growing skepticism about whether AI-driven stock valuations can meet lofty expectations. Last week’s sell-off alone dropped the S&P 500 by 3% and sent the Dow into correction territory, worsening an already shaky year for stocks.
Still, not all billionaires are in the red. Elon Musk, Michael Dell and members of the Walton family have been growing their fortunes this year, highlighting how uneven the market’s impact can be — even at the top of the pyramid.
Billionaires’ wealth is still at record levels
Even with the recent turmoil, billionaires’ global wealth remains at record levels. The total reached US$18.3 trillion in 2025 — with growth of 16% in the year, three times faster than the average of the previous five years, according to Oxfam. Since 2020, billionaires’ wealth has increased by 81%.
Much of this growth was concentrated at the top. The 10 richest Americans — mostly founders of technology companies like Musk, Bezos and Zuckerberg — added US$698 billion to their net worths between November 2024 and the same month in 2025.
This dynamic reflects how deeply connected the ultra-rich are to financial markets. The richest 0.1% of U.S. households own about a quarter of all stocks, according to the Federal Reserve. In contrast, the poorest 50% of Americans own just 1.1% of stocks.
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The expansion of this inequality has increasingly shaped public opinion. In 1998, only 45% of Americans supported redistributing wealth through higher taxes on the richest; in 2022, that number rose to 52%, according to Gallup.
Still, not everyone agrees with this negative reaction. Earlier this month, rapper Jay-Z, whose worth is estimated at $2.8 billion, hit back at widespread criticism of billionaires.
“It’s almost like an easy way out,” he told GQ. “You manage to demonize this group of people without correcting the system that actually exists, that is in operation.”
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And while many billionaires have joined the Giving Pledge, a commitment to donate at least 50% of their wealth to philanthropy, whether in their lifetime or in their will, critics argue that the greatest fortunes remain largely untouched — and difficult to redirect in any meaningful way.
Liz Baker, CEO of Greater Good Charities, said the expectation that billionaires can simply donate their wealth to solve complex global problems ignores how challenging this process really is.
“I wish I had $1 billion to give away, but as someone responsible for distributing resources, yes, it’s difficult because there’s a lot of responsibility involved in that,” Baker told Fortune earlier this month.
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“You can’t just face a problem and say to someone, here’s $1 billion, fix it,” Baker added. “It’s too complex. It doesn’t work like that.”
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