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| 1 minutes read

1 minutes read

500 World’s Richest Lost $117 Billion Collectively In One Day. See Why

| Published on August 7, 2019

The wealthiest 500 people on Earth lost 2.1% of their collective net worth on Monday as U.S. stocks plunged in their biggest drop this year.

As per a report the 500 names on the Bloomberg Billionaires Index lost 2.1 per cent of their collective networth, or $117 billion. While the world’s richest man, Amazon founder Jeff Bezos saw the steepest decline of $3.43 billion, LVMH CEO Bernard Arnault of France lost $3.25 billion.

Facebook co-founder and CEO Mark Zuckerberg was also not spared and lost (-$2.80 billion). India based Reliance Industries Chairman Mukesh Ambani also saw an erosion of $2.45 billion. 

In fact, as many as 21 billionaires lost $1 billion or more as investors reacted to stepped-up tensions between the US and China.

But interestingly even after this heavy loss, the 500 individuals on the index control almost $5.4 trillion which is an 11% increase from Jan 1. 

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