World’s Richest Lose $24 Billion as Adelson Fortune Drops
The world’s richest people lost a combined $24.4 billion this week as concerns over Spain’s rising borrowing costs and the sputtering American job market caused global markets to tumble.
Casino mogul Sheldon Adelson lost $2.2 billion. Shares of his Nevada-based Las Vegas Sands Corp. (LVS) fell 10.3 percent during the week. On Friday, Macau casinos reported gambling revenue rose 7.3 percent in May, its slowest pace since July 2009. Adelson, 78, is the 22nd richest person in the world, according to the Bloomberg Billionaires Index.
“We seem to be bogged down in a very sluggish pattern,” John Carey, who helps oversee about $220 billion at Pioneer Investments in Boston, said in a telephone interview on June 1. “The jobs report was discouraging, and it’s been discouraging the past several weeks. It reaffirms this fear that the economy is slowing.”
The Dow Jones Industrial Average erased its 2012 gain after U.S. employers created the fewest jobs in a year and Chinese manufacturing slowed. The Standard & Poor’s 500 Index sank 2.46 percent on June 1, to close at 1278.04 in New York, its biggest drop since November.
Yields on 10-year treasuries dropped below 1.50 percent for the first time ever Friday as U.S. payrolls climbed by 69,000, less than the most-pessimistic forecast in a Bloomberg News survey, and Chinese manufacturing grew at its weakest pace since December.
Mark Zuckerberg, 28, fell off the Bloomberg index. Shares of Menlo Park, California-based Facebook Inc. (FB), the world’s largest social-networking company, dropped 13.1 percent during the week. He is worth $14.1 billion.
Mexico’s Carlos Slim, 72, remains the world’s richest person with a net worth of $63 billion. The tycoon lost $3.1 billion during the week, as shares of his Mexico City-based telecommunications company America Movil SAB fell 3.04 percent. Bill Gates, 56, ranks second with a net worth of $58.2 billion.
Eike Batista’s fortune fell 8.1 percent to $24.9 billion. Brazil’s richest man, 55, hired Banco Bradesco (BBDC4) BBI SA to sell a stake in his AUX gold business after dropping plans for an initial public offering. EBX Group Co., Batista’s Rio de Janeiro-based holding company, decided a stake sale to investors would be more profitable than an IPO.
Batista is the 12th richest person in the world.
Hong Kong’s Li Ka-Shing ranks 18th on the index with a net worth of $20.9 billion. On May 25, the 83-year-old billionaire said he would offer financial support to his younger son, Richard, to expand beyond the family’s Cheung Kong Holdings Ltd. (1)
Four days later, the Wall Street Journal reported Richard Li is a prospective bidder for ING Groep NV (INGA)’s Asia life- insurance unit, citing unidentified people familiar with the situation.
The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Each net worth figure is updated every business day at 5:30 p.m. in New York and listed in U.S. dollars.
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