World’s billionaires lose $100bn on stock market rout

World’s billionaires lose $100bn on stock market rout

Mubasher: The world’s wealthiest people had lost roughly $100 billion of their fortunes in one day due to the global stock market rout which was triggered by Wall Street.

US stocks endured grave losses on Wednesday, with a steep decline in tech shares and worries of rapid rate hikes sending Wall Street on track for its worst day in eight months. The Dow Jones Average Industrial closed at 25,598.74, 831.83 points lower.

The Bloomberg Billionaires Index, which covers the richest 500 people in the world, saw the second sharpest one-day drop this year, as they lost $99 billion of their fortune on Wednesday.

Amazon’s Jeff Bezos saw the biggest loss, as he had $9.1 billion slashed from his fortune, lowering his net worth to $145.2 billion.

Moreover, Europe’s richest person Bernard Arnault had more than this year’s gains lost, with his fortune plunging $4.5 billion to $66.9 billion as shares of his luxury goods empire LVMH dropped after stating that China tightened border controls.

Among those who saw the largest losses was Warren Buffett, having his net worth sliding $4.5 billion.

The world’s 67 wealthiest tech moguls, including Microsoft’s Bill Gates and Facebook’s Mark Zuckerburg, had $32.1 billion wiped from their overall net worth.

US billionaires took the hardest blow, with $54.5 billion loss, more than any other country represented on the index.