World's richest lost $194bn last week

Jeff Bezos

The world’s 400 richest people lost almost $194bn last week as world stock markets began the year with a shudder on poor economic data in China and falling oil prices.

Bloomberg News reports that forty-seven billionaires lost $1bn or more during the worst week for U.S. stocks since 2011, according to the Bloomberg Billionaires Index.

The combined drop was almost seven times the $29bn lost in the first five trading days of 2015. The 400 people on the index had a combined $3.7tril at the end of the week, compared with more than $4tril a year ago.

Amazon.com founder Jeff Bezos, the best-performing billionaire in 2015, lost the most, his fortune dropping $5.9bn this week as shares of the world’s largest online retailer fell more than 10%. Bezos is the world’s fourth-richest person with $53.7bn and more than doubled his net worth in 2015 as investors cheered profits at Amazon.

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

World's Richest Lose $194 Billion In First Trading Week of 2016

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