Date
29 March 2017
Bill Gates is down US$3.2 billion after US stocks lost nearly 4 percent amid a global rout triggered by China. Photo: Bloomberg
Bill Gates is down US$3.2 billion after US stocks lost nearly 4 percent amid a global rout triggered by China. Photo: Bloomberg

Market sell-off knocks US$124 bln off billionaires’ fortunes

Poor guys.

The world’s richest people are US$124 billion poorer thanks to a global rout that pushed the Standard & Poor’s 500 Index into its first correction in nearly four years.

Still, their combined fortunes are a pretty US$3.86 trillion.

Two of the biggest losers were Bill Gates and Jeff Bezos who blew US$3.2 billion and US$2.6 billion, respectively. 

Twenty-two other billionaires saw their wealth fall by more than 10 figures on Monday, Bloomberg reports, citing its Billionaires Index.

Mexico’s Carlos Slim lost US$1.6 billion, his fortune slipping to its lowest since the index began in 2012.

Tumbling markets worldwide have resulted in Chinese shares sinking the most since 2007, Germany’s DAX falling into a bear market, and commodities reaching a 16-year low, as Brent crude plunged below US$45 a barrel.

Last week’s declines had already seen the world’s 400 richest people lose $182 billion. A decline of US$76 billion on Friday had put their fortunes into the red for the year-to-date.

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CG/RA

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