The collapse of the market has led to the loss of the world’s richest people

About 500 of the world’s rich lost about 2.1 percent of their collective wealth on Monday as US stocks fell in their biggest drop this year.

Twenty-one members of the Bloomberg Billionaires Index lost $1 billion or more as investors reacted to stepped-up tensions between the U.S. and China. Amazon.com Inc. founder Jeff Bezos declined the most.

shedding $3.4 billion as shares of the online retailer tumbled. But he’s still the richest person on the planet with $110 billion.

The loss is an abrupt reversal for the world’s richest, who up until today had experienced steady gains.

Other forces have also eroded fortunes in recent weeks. Hong Kong’s elite are feeling the pain from nine weeks of protests that have jammed the financial hub’s streets, weighed on growth and battered local stock prices.

The net worth of the 10 richest tycoons who derive their fortunes from Hong Kong-listed companies has tumbled $19 billion since July 23.

Even after today’s losses, the 500 individuals on the index control almost $5.4 trillion, an 11% increase from Jan. 1.

rich world wealth stocks drop
rich wealth drop

According to bloomberg


know more:
  • Do not forget to join our channel on Telegram here
  • Open a trading account from here

 

 

Marowa Al Tujjar
Marowa Al Tujjar
مديرة القسم الصحفي - كاتبة و محررة إقتصادية متخصصة بالعملات الرقمية
- Advertisment -BC XTB

Must Read

Bitcoin exception before FED meeting.

Bitcoin and FED decision; Tomorrow 31st of July 2019, Federal Reserve Bank will announce the monetary policy for the rest of the year. the...