The world’s 400 wealthiest people dropped $26.2 billion from their collective net worth last week as stocks slumped amid concern global growth is slowing.
Bloomberg News reports that no one lost more (on paper) than the Walton family.
The heirs to Wal-Mart Stores founder Sam Walton shed $6.9 billion from their combined holdings in the world’s biggest retailer after the Bentonville, Arkansas-based company cut its sales growth forecast and acknowledged the need to do a better job stocking shelves. Wal-Mart fell 5.4% last week.
The Standard & Poor’s 500 Index has plummeted 6.2% from a record in September amid concerns that central banks are running out of tools to fuel growth in the global economy. European stocks fell for the most consecutive days since 2003, and yields on U.S. 10-year Treasuries slid to the lowest level since June 2013. The decline in equity markets was exacerbated by war in the Middle East, street protests in Hong Kong and the spread of Ebola. The S&P 500 recovered 1.3 percent Thursday.
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