Wealth Wipeout Reshapes Ranks of World’s Richest People
- The 500 richest people lost combined $239 billion on Monday
- Major U.S. stock market indexes fell more than 7.5% on the day
The wealth destruction caused by Monday’s market collapse is reshaping the ranks of the world’s richest people.
Wildcatter Harold Hamm’s fortune plunged by almost half to $2.4 billion by the end of the day, a drop that bumped him from the 500-member Bloomberg Billionaires Index. Fellow oil magnate Jeff Hildebrand also fell off the ranking while Lukoil PJSC executives Leonid Fedun and Vagit Alekperov lost a combined $5 billion.