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.
