Why 2022 Was Such A Bad Year For Billionaires

Companies are all about profit, but for some of the world’s billionaires who haven’t felt the hard loss of a downfall in net profit, their time is now.

2022 has been one of the worst years for businesses and its billionaire owners and it’s expected that more companies will be forced to lay-off huge percentages of its staff to compensate for losses.

Why is 2022 such a bad year for billionaires? Listen to the latest episode of The Briefing below:

“Investors want to see these companies actually grow and actually deliver sustainable profit growth and for some of them, that’s very difficult,” said Australian Financial Review’s James Thomson.

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“They are geared up to grow and so we’ve seen a lot of tech layoffs, particularly in the US as they try and reduce their costs and make themselves more profitable and I think that trend is here to stay.”

James joins today’s episode of The Briefing to explain why the super-wealthy benefited from the pandemic, and why this year has seen some experience up to 40 per cent falls in their net worth.

Catch up on previous episodes of The Briefing below or download LiSTNR and enjoy a new world of audio. All your favourite shows and stations in one library.