World's Richest Lose $117 Billion As US Stocks Suffer Worst Day of the Year Amid Fear of US-China Trade War
Bloomberg Billionaires Index, a compilation of the world’s richest, lost 2.1 per cent of collective worth on the day when the US stock markets plunged following the US-China trade war.
Mumbai, August 6: The 500 wealthiest people in the world lost a collective worth measuring a whopping $117 Billion or more after the US market hit its lowest ebb so far in 2019. Amazon.com founder and world’s wealthiest man Jeff Bezos proved to be the biggest loser. Jeff Bezos lost US dollar 3.4 billion, Bernard Arnault 3.2 billion, Mark Zuckerberg 2.8 billion, Mukesh Ambani 2.4 billion and Bill Gates 2 billion. Bezos has sold off stocks worth $3 billion in the past week. US-China Trade Talks Resume After Donald Trump Tweetstorm.
Bloomberg Billionaires Index, a compilation of the world’s richest, lost 2.1 per cent of collective worth on the day when the US stock markets plunged following the US-China trade war. US-China Trade War Could Make iPhones 3% More Costly.
The drastic fall in the net worth of the richest people comes as a reverse trend as the elite list had seen only gains in the recent times.
On Monday, US Stock market indices closed down 767 points. The fall was triggered due to large scale selloff amid fears of US-China trade-war escalating.
The Chinese government devalued the yuan. However, US President Donald Trump tweeted saying he would continue to impose tariffs on Chinese products and accused it of "currency manipulation."
In India, Sensex plunged by more than 500 points on Monday as the stocks took a beating in the opening trade session. The Asian shares fell to its lowest in six months. The panic was triggered due to the trade war between US and China, which led investors to rushing to safe options like bonds and gold.
The Sensex fall meant that Nifty fell below 10, 800 points. Domestic equity benchmarks BSE Sensex fell over 531 points to trade below 37,000-mark in early trade on Monday following persistent foreign fund outflows amid negative global cues.
(The above story first appeared on LatestLY on Aug 06, 2019 04:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).