World’s Richest Lose $444 Billion After Hellish Week for Markets

Bloomberg:

Last week was an expensive one for most investors, even for billionaires.

The combined fortunes of the world’s 500 richest people fell by $444 billion as the coronavirus continued to spread — and spread fear — rattling equity markets worldwide. The Dow Jones Industrial Average tumbled more than 12%, the biggest five-day slide since the depths of the 2008 financial crisis, in a rout that vaporized more than $6 trillion from global stocks.

The drubbing more than erased the $78 billion in gains that the 500 wealthiest people had amassed since the start of the year through last week, according to the Bloomberg Billionaires Index.

Read more at Bloomberg


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