In the context of health crises and natural disasters affecting the global economy, the world of billionaires is witnessing many exciting changes. While dozens of the wealthy benefited from the COVID-19 pandemic and the Russia-Ukraine war, many suffered significant losses in their fortunes. The war in Ukraine, the Chinese government's crackdown on technology companies, and the decline in stock prices pushed 329 billionaires out of the Forbes Billionaires List for 2022, including 169 who had entered the list for the first time last year among 493 newcomers. The year 2022 marked the largest number of exits since 2009 when the financial crisis forced 355 people out of the list. Additionally, 30 billionaires died last year, counted separately from those who exited due to a decline in their net worth.
### Countries and Industries Affected
Three countries accounted for two-thirds of the exits: China (153 people, including four from Hong Kong), Russia (35 people), and the United States (33 people). Technology billionaires, who saw their fortunes rise more than any other group during the pandemic, were the most affected, with 32 people from China and Hong Kong. However, losses were widespread among the 2022 List, with the fashion and retail industries accounting for 45 exits, industry for 33 people, and real estate for 29 people. Two of the biggest beneficiaries of the COVID-19 pandemic, the healthcare and finance sectors, each lost 25 billionaires. Eight of the ten billionaires who saw their net worth drop the most were from China. The fortunes of the biggest losers this year, Zhang Bangxin of TAL Education (previously valued at $13.3 billion) and Larry Chen of GSX Techedu (previously valued at $10.2 billion), evaporated as the Chinese government threatened to ban profits and investments in after-school education.
### Billionaires Who Died
The last of the thirty billionaires who died last year was Edward "Ned" Johnson III. He took over Fidelity from his father in 1977 and managed it for 37 years, transforming the Boston-based company into one of the largest asset management firms in the U.S. before passing the reins to his daughter Abigail in 2014. He died at age 91 just days before Forbes completed its 2022 Billionaires List in March. Eli Broad, a homebuilding and insurance magnate turned philanthropist, also passed away at age 87, leaving $6.9 billion to his widow Edith, tasked with fulfilling the couple's promise to donate most of their wealth to charity. Czech investor Peter Kellner, previously the richest person in the Czech Republic, was killed in a helicopter crash in March 2021 at age 56, making him the richest billionaire to die last year, leaving $16.6 billion to his wife Renata Kellnerova.
Forbes determined net worth for the 2022 list using stock prices and exchange rates at the close of trading on Friday, March 11, 2022.
### Notable Billionaires Who Lost Their Status:
- **Shalom Meckenzie**
- Net Worth: Less than $900 million (down from $1.7 billion in 2021)
- Source of Wealth: Sports betting
- Country: Israel
- **Vlad Tenev and Baiju Bhatt**
- Net Worth: Less than $800 million each (down from $1 billion each)
- Source of Wealth: Stock trading app
- Country: United States
- **R.J. Scaringi**
- Net Worth: Less than $700 million (down from $3.4 billion)
- Source of Wealth: Electric vehicles
- Country: United States
- **Oleg Tinkov**
- Net Worth: Less than $700 million (down from $4.7 billion)
- Source of Wealth: Banking
- Country: Russia
- **Whitney Wolfe Herd**
- Net Worth: Less than $700 million (down from $1.3 billion)
- Source of Wealth: Dating app
- Country: United States
- **Jitse Groen**
- Net Worth: Less than $600 million (down from $1.4 billion)
- Source of Wealth: Food delivery service
- Country: Norway
- **Kit Wang**
- Net Worth: Less than $500 million (down from $5 billion)
- Source of Wealth: E-cigarettes
- Country: China
- **John Foley**
- Net Worth: Less than $400 million (down from $1.5 billion)
- Source of Wealth: Peloton
- Country: United States
- **Will Wei Cheng**
- Net Worth: Less than $300 million (down from $1.2 billion)
- Source of Wealth: Ride-sharing service
- Country: China
