Stock Market Slides Bring In New Risers On The Rich List

The past two years have been kind to the ultra rich. According to Oxfam statistics, a new billionaire was created every 30 hours throughout the pandemic, as businesses took the top seat in keeping the world moving. Furthermore, some of the lower-placed members of the rich list surged to the top, becoming big players in ways that perhaps haven’t been seen before. However, times are starting to prove difficult - the stock market has seen a slide downwards in recent weeks, and the crypto world, so often the fortune maker of the newly rich, is struggling too. With that in mind, there are some key movers and shakers in the rich list world.

The gambling industry

With so many people at home, there has been a lot more action on online gambling sites over the past two years. Furthermore, the nature of gambling has changed, too. There are countless cryptocurrency casinos opening up now, and sports gambling has become more widely legalized in large markets like the USA. This has seen gambling magnates succeed on the rich list. Sitting pretty at the top of the pile is Miriam Adelson who, according to Bloomberg, has continued to gain wealth - even though 2022 has seen some small losses. Despite the stock market crisis, gambling will remain a steady stream - and that will see the likes of Adelson continue to succeed.

Looking to renewables

No discussion of the rich list is complete without looking at the leader - and right now, that’s Elon Musk, who has almost $100 billion net worth more than his nearest competitor, according to CNBC. This wealth seems to be outlasting stock market problems, even for his company, $TSLA, and there might be a good reason for that. While many other companies reliant on the stock market are entirely reliant on their own success as a company, there is a significant amount of government interest and investment in Tesla, whether through subsidies, clean energy credits, or other incentives. As a result, the growth of Musk’s wealth is likely to be sustainable.

Crypto survivors?

Cryptocurrency has taken a huge hit in 2022, but it isn’t dead yet. As of June, gains were starting to be made again, with the market perhaps turning into a normal phase rather than the super-hot, volatile conditions that have personified it since inception. As a result, Forbes highlights the growth of Finance CEO Changpeng Zhao’s wealth. His wealth has grown from absolute 0 to $65 billion in under 5 years - a success story not too different from that which Elon Musk experienced. The continued success of crypto platforms like Binance suggests that new entrants from the world of crypto may be forthcoming as the stock markets wane.

The interesting thing about some of the Rich List’s new entrants is the fact that they do not rely on the stock market. While stocks and shares are often crucial in helping wealth to explode, they don’t necessarily have to stay steady in order for wealth to remain that way.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.