World Economy

World’s Richest Lose Another $124b

World’s Richest Lose Another $124bWorld’s Richest Lose Another $124b

Another $124 billion was wiped off the collective fortunes of the world’s 400 richest people as the global selloff pushed the Standard & Poor’s 500 Index into its first correction in nearly four years.

Twenty-four billionaires saw their wealth fall by more than ten figures on Monday, including Bill Gates who dropped $3.2 billion and Jeff Bezos, who fell $2.6 billion, according to data compiled by the Bloomberg Billionaires Index. Mexico’s Carlos Slim lost $1.6 billion as his fortune fell to its lowest level since the Index began in 2012.

Last week’s declines had already seen the world’s 400 richest people lose $182 billion. A decline of $76 billion on Friday had put their fortunes into the red for the year-to-date.

Asia’s richest person lost $3.6 billion, the most among all billionaires worldwide.

Wang Jianlin saw $2 billion wiped from his stake in Dalian Wanda Commercial Properties Co., according to the Bloomberg Billionaires Index, after it tumbled 17% to its lowest level since it went public in December. Wang also lost nearly $1 billion from his Shenzhen-traded Wanda Cinema Line Co., which fell by the exchange-exposed limit of 10% on Monday. The remaining losses stemmed from stakes in private companies, according to data compiled by Bloomberg.

 “Everyone is probably overly pessimistic about the stock market now,” Amy Lin, a Shanghai-based analyst at Capital Securities Corp., said in an interview. “There was a lot of panic selling in the market.”

Even after Monday’s decline, Wang’s fortune stood at $31.2 billion, according to data compiled by the Bloomberg Billionaires Index. A public relations official for Wang declined to comment on the losses in an e-mail.

Asian billionaires shed a fifth of their wealth in the past three months and $54 billion since the start of trading on Friday.

Mainland Chinese billionaires lost more than $14 billion collectively, or 6% of their total net worth. Indian billionaires recorded falls equivalent to 6.6% of their overall wealth. India’s second-richest person, Mukesh Ambani, lost $1.8 billion, or 9.2% of his net worth.

Japan, however, was a safe haven for billionaires amid the turmoil as the country’s currency strengthened amid the stock rout. The yen climbed to a six-week high against dollar on Monday, the biggest gainer among 15 major currencies.

The fortune of Japan’s richest person Tadashi Yanai edged up by almost $106 million to $21.8 billion on Monday, even as shares of his clothing retailer, Fast Retailing, declined.

The Shanghai Composite Index dropped 8.5% at the close on Monday to erase its gains for the year and dropped another 7.6% on Tuesday.

The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting.