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World’s Top Fortunes Fall

World’s Top Fortunes FallWorld’s Top Fortunes Fall

Global markets erased another $69.2 billion from the combined net worth of the world’s 400 richest people Monday, bringing the total since the UK shocked investors with a vote to leave the European Union to $196.2 billion in the last two trading days.

The billionaires on the index control $3.8 trillion, a 1.8% decline from the start of the year, according to the Bloomberg Billionaires Index.

The pain on Monday was felt most by Europe’s wealthiest, where 92 billionaires lost $29.4 billion, bringing their two-day decline to $81.7 billion, data compiled by Bloomberg show. Since year-end, their net worth has slid more than $45.5 billion, a 5.1% decline.

The 150 billionaires from the US and Canada lost $26.7 billion, or a two-day total of $62.5 billion. They’re essentially flat for the year, with a collective gain of $236 million. China’s 26 billionaires lost $1 billion Monday, bringing their two-day total loss to $5 billion. They’re down 7.4% this year, an $18.7 billion drop.

Germany’s third-richest person, Georg Schaeffler, fared the worst on the index Monday with $1.9 billion trimmed from his net worth. Europe’s richest person, Spanish retailer Amancio Ortega, shed $1.5 billion. Bill Gates and Mark Zuckerberg were the worst-performing US billionaires on Monday losing $1.8 billion and $1.6 billion respectively.

There were 69 billionaires on the index who added to their fortunes Monday. Takemitsu Takizaki, the founder of Osaka-based Keyence, a maker of electronic sensors, led the gainers with an increase of $579.3 million. Japanese retailer Tadashi Yanai, chairman of Tokyo-based Fast Retailing Co., was behind him with a $552 million rise. Nineteen billionaires on the index added more than $100 million Monday.

Financialtribune.com