The U.S. stock markets saw the biggest drop of the year. This has not only shaken the stocks but the richest people on Earth. This has not only plummeted share prices but also net worth of some of the richest people on Earth.
According to reports that the 500 richest people on Earth lost 2.1% of their collective net worth due to this plunge in the stocks. A total of $117 billion was lost in this one-day meltdown.
Bloomberg Billionaires Index also mentioned that 21 of its members lost $1 billion of investments or more as investors due to tensions between the U.S. and China.
Mukesh Ambani is one of the billionaires who lost $2.4 billion.
But the most affected in this stock market dip is Amazon.com Inc. founder Jeff Bezos who lost $3.4 billion. Second was the French Tycoon Bernard Arnault who saw a loss of $3.2 billion followed by Facebook CEO Mark Zuckerberg who lost $2.8 billion.
Reports also suggested that the 10 richest people who derive their fortunes from Hong Kong-listed companies have also tumbled down to 19 billion due to the nine-week protests that took place in Hong Kong.