World's richest lose billions in stock market rout

Warren Buffett

The world’s 400 richest people lost $182bn this week from their collective fortunes as weak manufacturing data from China and a rout in commodities sent global markets plunging.

Bloomberg News reports that the weekly drop for the Bloomberg Billionaires Index, a group that includes Warren Buffett and Glencore’s Ivan Glasenberg, was the biggest since tracking of the expanded list began in September 2014.

The combined net worth of the index members fell by $76bn on Friday alone, when the Standard & Poor’s 500 Index of U.S. stocks ended its worst week since 2011.

Friday’s losses put the world’s richest 400 into the red for the year to date. They’re now down $74bn in 2015, with a collective net worth of $3.98tril.

The week’s largest setback in dollar terms was experienced by Buffett, who saw his fortune drop by $3.6bn as Berkshire Hathaway slipped more than 5%. The investor is the world’s third-wealthiest person, with a fortune of $63.4bn, according to data compiled by Bloomberg.

To access the complete Bloomberg News article hit the link below:

World’s Richest People Lose $182 Billion in Market Rout

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