The World's 400 Richest People Lost $124 Billion This Week Due's To China's Markets Break

22 Mar, 2019

Billionaires in India and China were among the worst hit by Monday’s stock market crash. According to the Bloomberg Billionaires Index, Chinese billionaires lost more than $14 billion or 6% of their collective net worth. Overall, the collective fortunes of the world’s 400 richest people declined by $124 billion on Monday. The worst affected among the mainland Chinese billionaires included Asia’s richest man, Wang Jianlin, who saw his fortunes decline by $3.6 billion or 10.4% from the previous day. Jianlin’s worth stands at $31.2 billion, after both his companies—Dalian Wanda Commercial Properties Co. and Wanda Cinema Line Co.—plunged 17% and 10%, respectively.

The Dalian Wanda Commercial Co., listed in Hong Kong, is China’s largest real estate developer, while the Shenzhen-listed Wanda Cinema Line Co. is the world’s largest movie theatre operator. The 17th richest man in the world, according to the Billionaires Index, Jianlin also owns 20% stake in Spanish La Liga football club, Atletico Madrid. Last week, Jianlin’s fortunes fell by $3.5 billion, largely thanks to weak manufacturing data from China.

Besides Jianlin, Monday’s market rout saw founder of China’s Baidu search engine, Robin Li, lose $852.7 million. Alibaba founder Jack Ma’s fortunes plunged by $545.6 million, while Tencent chairman Pony Ma saw his fortune decline by $791.5 million. Hong Kong’s richest man and Hutchison Whampoa Ltd chairman Li Ka-Shing lost $1.5 billion of his net worth.

India’s billionaires were also among the worst affected, as the benchmark Sensex crashed by nearly 1,700 points. Indian billionaires collectively lost 6.6% of their overall wealth, following Monday’s stock market crash. Gautam Adani, chairman of the Adani Group, showed the sharpest percentage decline (10.4%) from the previous day. Ranked 192 by the index, Adani’s fortunes fell by $752.9 million. His current net worth stands at $6.5 billion. MukeshAmbani, chairman of Reliance Industries Ltd, saw his net worth decline by $1.8 billion. Ambani, with a net worth of $17.6 billion is ranked the 39th richest man in the world. The net worth of Dilip Shanghvi, chairman of Sun Pharmaceuticals, plunged by $1.2 billion on Monday. Shanghvi, ranked 38th in the index, is India’s richest man. Interestingly, last week, when billionaires lost a record $182 billion, Shanghvi was among the biggest gainers, becoming richer by $467 million. Azim Premji, chairman of the Wipro Group also featured among the worst affected Indian billionaires. His net worth became lower by nearly a billion dollars ($996.4 million). Likewise, construction tycoon Pallonji Mistry saw his fortunes decline by $855.2 million. Others included CryusPoonawala (lost $754.3 million), Shiv Nadar (lost $655.7 million), Lakshmi Mittal (lost $484.7 million) and Uday Kotak (lost $445.5 million).

The fortunes of the world’s top 10 billionaires also suffered as a result of Monday’s crash. According to the Bloomberg Billionaires Index, the world’s richest man Bill Gates lost a whopping $3.2 billion, followed by Amazon founder Jeff Bezos, who lost $2.6 billion. Berkshire Hathaway founder and investor Warren Buffet lost $2 billion, while Facebook’s Mark Zuckerberg lost $1.7 billion. Oracle founder Larry Ellison saw $1.6 billion wiped off his net worth, while Mexican businessman Carlos Slim’s net worth fell by $1.6 billion to $57.2 billion. Slim, as per the index, has lost a massive $15.4 billion this year.

The big gainers on Monday included Saudi Arabian businessman Alwaleed Al Saud, whose worth increased by $169 million. Fast Retailing (Uniqlo) founder and president Tadashi Yanai also gained $105.5 million. Yanai is the 32nd richest person in the world with a net worth of $21.8 billion. Czech businessman Petr Kellner also became richer by $87.2 million. Kellner is ranked 95 in the Billionaires Index.