The richest people on Earth became a bit poorer this year.
Bloomberg News reports that the world’s 400 wealthiest individuals shed $19bn in 2015, according to the Bloomberg Billionaires Index.
Falling commodities prices and signs of a slower-growing China spooked investors around the world leading to the first annual decline for the daily wealth index since its 2012 debut.
'After three great years, 2015 stock markets worry-wiggled sideways', said billionaire Ken Fisher, the founder of Fisher Investments that manages more than $65bn. 'Fears over an oil glut, soft consumer spending and China breaking like a plate and taking commodities with it saw investors take fright'.
Mexican telecommunications mogul Carlos Slim was the biggest decliner on the index at the close of trading in New York on December 28, as his America Movil SAB dropped 25% in 2015. The world’s richest person in May 2013, Slim fell to No. 5 this year after losing almost $20bn as regulators ratcheted up efforts to break apart the business that controls the majority of Mexico’s landlines and mobile phones.
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