Falling global market has made the world’s wealthiest 500 people together lost more than $99 billion in a single day.
Amazon CEO and founder Jeff Bezos alone has experienced a loss of $9 billion in 1-day drop for the Bloomberg Billionaires Index. This has decreased Jeff’s net worth to $145.2 billion, its lowest since July.
Bernard Arnault, Europe’s wealthiest person has lost $4.5 billion after shares of his luxury empire LVMH fell on Wednesday. More than half of Arnault’s gains for the year erased in a single day. Also, he lost $3.5 billion on Friday because of the rumors regarding border checks, which are intended to stop unauthorized imports of items like Louis Vuitton handbags and Berluti boots.
In total, 17 people lost more than $1 billion, with the loss equally distributed across different sectors. Berkshire Hathaway Inc.’s Warren Buffett was among the biggest losers in terms of percentage as his net worth fell $4.5 billion, or 4.9 percent. The world’s wealthiest tech moguls, a group including Bill Gates and Facebook Inc.’s Mark Zuckerberg, had $32.1 billion wiped from their collective net worth.
Although the stock market fall is similar in other big nations in India and China too, America has seen the worst of all with $54.5 billion loss in a single day.