Tags: wang jianlin | asia | wealthiest | lost | 36b | monday

Wang Jianlin, Asia's Wealthiest Person, Lost $3.6B on Monday

Image: Wang Jianlin, Asia's Wealthiest Person, Lost $3.6B on Monday
Wang Jianlin flashes a thumbs up during last year's debut of Wanda Commercial Properties on the Hong Kong Stock Exchange. (Tyrone Siu/Reuters)

By    |   Wednesday, 26 Aug 2015 12:19 PM

Wang Jianlin, called the richest man in Asia by Bloomberg Business, is the biggest loser in the latest stock market crash. On Monday he lost $3.6 billion. Bill Gates wasn't far behind.

Wang lost $2 billion in his stake in Dalian Wanda Commercial Properties Co., and another $1 billion from Wanda Cinema Line Co., according to Bloomberg Billionaires Index. The rest of Wang's losses came from his ownership in private companies.

After Monday's losses, Wang's fortune stood at $31.2 billion, according to Bloomberg.

Microsoft founder Gates didn't fare well either, according to Bloomberg. He lost $3.2 billion on Monday, 

In all, at least 24 billionaires – most of them living in Asia – saw their wealth tumble by more than $1 billion on Monday.

Mainland Chinese billionaires lost more than $14 billion, roughly six percent of their total net worth. Billionaires in India lost 6.6 percent of their overall wealth and the country's second-richest person, Mukesh Ambani, lost $1.8 billion, or 9.2 percent of his net worth, said Bloomberg.

Wang had recently passed Hong Kong billionaire Li Ka-Shing as Asia's richest man, said CNN  Money. Wanda Cinema, a cinema and commercial property firm, had been experiencing huge price swings before a trading suspension for about two months.

Wang's Dalian Wanda Group is a conglomerate that operates real estate and entertainment companies. Dalian Wanda is China's largest property owner and operates shopping malls and luxury hotels, noted CNN.

In 2012, Wang expanded his empire across the ocean, buying the U.S. motion picture chain AMC Cinemas for $2.6 billion. The following year he purchased Sunseeker, a British yacht maker that builds ships for James Bond movies.

This year, Wang became a sports team owner when he took a 20 percent stake in Spanish La Liga soccer club Atlético Madrid, according to The Guardian.

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Wang Jianlin, called the richest man in Asia by Bloomberg Business, is the biggest loser in the latest stock market crash. On Monday he lost $3.6 billion. Bill Gates wasn't far behind.
wang jianlin, asia, wealthiest, lost, 36b, monday
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2015-19-26
Wednesday, 26 Aug 2015 12:19 PM
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