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Tags: richest | wealthy | world | billion

World's 400 Richest People Lose $305 Billion as Markets Extend Global Rout

World's 400 Richest People Lose $305 Billion as Markets Extend Global Rout
(AP)

Saturday, 16 January 2016 08:04 AM

Plunging stock markets are exacting a toll on the world’s biggest fortunes.

The 400 richest people have lost $305 billion from their combined net worth this month as global equities tumbled for the worst start to a year on record as concern mounts that global growth is faltering.

The billionaires lost more than $115 billion this week, with 76 taking hits of at least $1 billion in January, according to the Bloomberg Billionaires Index. Seven shed more than $1 billion on Friday alone as the Dow Jones Industrial Average sank 391 points, European stocks fell into a bear market and the Shanghai Composite Index wiped out gains from an unprecedented state-rescue campaign.

Amazon.com Inc. founder Jeff Bezos led decliners on the Bloomberg index, losing $8.9 billion since Jan. 1 and $1.9 billion Friday when the Internet retailer declined 3.85 percent. Bill Gates, the world’s richest person, has lost $6.8 billion of his net worth this year and Wang Jianlin, China’s richest person, is down $6.4 billion.

Only nine of the 400 billionaires have increased their net worth in 2016, led by Indian oil billionaire Mukesh Ambani, chairman of Mumbai-based Reliance Industries Ltd., who’s added $620 million.

The combined net worth of the 400 billionaires is $3.6 trillion, a 16 percent decline from their peak of $4.3 billion on May 18, 2015.


© Copyright 2021 Bloomberg News. All rights reserved.


Personal-Finance
Plunging stock markets are exacting a toll on the world's biggest fortunes.
richest, wealthy, world, billion
221
2016-04-16
Saturday, 16 January 2016 08:04 AM
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