World's richest lose many billion in first trading week of 2016
The world’s 400 richest people lost almost $194 billion this week as world stock markets began the year with a shudder on poor economic data in China and falling oil prices, AzerTac state news agency reported.
Forty-seven billionaires lost $1 billion or more during the worst week for U.S. stocks since 2011, according to the Bloomberg Billionaires Index. The combined drop was almost seven times the $29 billion lost in the first five trading days of 2015. The 400 people on the index had a combined $3.7 trillion at the end of the week, compared with more than $4 trillion a year ago.
The combined loss among the billionaires represents a 4.9 percent dip in their total wealth, according to the index, a slightly better performance than world equity markets so far this year. Global stocks tumbled 6.2 percent for the week, according to the MSCI ACWI Index.
The combined net worth of the 400 people on the index is $3.7 trillion, about equal to the gross domestic product of Germany.
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