According to a recent report released by Bloomberg, the 500 most wealthy people in the world lost 2.1% of their collective net worth in a day.
This happened as a result of the plunge experienced by U.S. Stocks on Monday, which is the biggest drop this year.
According to the report, 21 members of Bloomberg’s Index lost $1 billion or more due to the rising tension between the U.S. and China.
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Jeff Bezos lost $3.4 billion: Jeff Bezos, founder of Amazon.com Inc is the most affected. He lost $3.4 billion as shares from the ongoing tumbles of online retails. Jeff Bezos, however, remains the richest man in the world and is worth $110 billion.
Bad time for the billionaires: The loss is a big drain for the world’s richest since the beginning of the year, as they had experienced steady gains before the decline.
Apart from the Bloomberg’s billionaires who lost some of their fortunes, Hong Kong’s elite were also affected by the nine weeks of protests that rocked the streets of the financial hub and consequently reduced stock prices.
The ten richest tycoons who get their wealth from Hong Kong-listed companies have been affected as their net worth has tumbled by $19 billion since July 23.
Nairametrics earlier reported that Aliko Dangote retained his position as the richest man in Africa for eight consecutive periods despite the decline in his wealth from $12.2 billion in January 2018 to $10 billion in 2019.
According to Forbes, the drop witnessed by Dangote came as a result of the almost 20% drop in the stock price of Dangote Cement, which is arguably his most valuable asset.
[READ FURTHER: Nigerians dominate Forbes’ black billionaires list]