World's Richest Down $305 Billion as Markets Extend Global RoutBy and
Jeff Bezos remains year's hardest hit, dropping $8.9 billion
The 10 biggest fortunes on Earth shed a combined $44.7 billion
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 on mounting concern that worldwide 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.
|Billionaire||YTD Decline||Net Worth||YTD Percentage Change|
|Jeff Bezos||-$8.9 billion||$50.8 billion||-14.9%|
|Bill Gates||-$6.8 billion||$77.0 billion||-8.1%|
|Wang Jianlin||-$6.4 billion||$30.0 billion||-17.6%|
|Carlos Slim||-$5.8 billion||$46.4 billion||-11.2%|
|Amancio Ortega||-$5.7 billion||$67.2 billion||-7.8%|
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.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.