Plunging stock markets are exacting a toll on the world’s biggest fortunes.
Bloomberg News reports that the 400 richest people have lost $305bn from their combined net worth this month as global equities tumbled for the worst start to a year on record on mounting concern that worldwide growth is faltering.
The billionaires lost more than $115bn this week, with 76 taking hits of at least $1bn in January, according to the Bloomberg Billionaires Index. Seven shed more than $1bn on Friday alone as the Dow Jones Industrial Average sank 391 points, European stocks fell into a bear market and the Shanghai Composite Index wiped out gains from an unprecedented state-rescue campaign.
Amazon.com Inc. founder Jeff Bezos led decliners on the Bloomberg index, losing $8.9 billion since January 1st and $1.9 billion Friday when the Internet retailer declined 3.85 percent. Bill Gates, the world’s richest person, has lost $6.8 billion of his net worth this year and Wang Jianlin, China’s richest person, is down $6.4 billion.
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