October 21, 2018

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World’s Richest Men Lose $63 Billion In Trade

World’s Richest Men Lose $63 Billion In Trade

According to Bloomberg Billionaires Index on Thursday, it has been realized that the combined net worth of the world’s 500 richest people fell the most in the past six months.

The group shed 1.2 percent of its combined net worth as luxury stocks tumbled following reports of a Chinese trade crackdown, and as U.S. equities slid on concerns over rising Treasury yields.

The fortune of Europe’s richest man, Bernard Arnault, fell by $3.5 billion, the most of anyone on the index. Arnault, who is also the founder of the world’s biggest luxury good’s maker, LVMH Moet Hennessy Louis Vuitton SE, is now worth $73.5 billion.

Brothers Alain and Gerard Wertheimer, who own Chanel, lost $775 million, while Francois Pinault, founder of Gucci owner Kering, lost $1.6 billion.

Tech moguls weren’t spared. Amazon.com Inc.’s Jeff Bezos, Facebook Inc.’s Mark Zuckerberg, Microsoft Corp.’s Bill Gates and Alphabet Inc. co-founders Larry Page and Sergey Brin, plunged $8.4 billion.

Warren Buffett, the world’s third wealthiest person, was the only billionaire in the top 10 to end the day richer. His fortune climbed $1.2 billion to $90 billion.

 

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