The world’s richest had a tough day on Monday as the Dow Jones Industrial Average witnessed its sharpest fall since 2011. About $114 billion was wiped out in fortunes of the richest.
Monday brought about the worst fall in US stocks in more than six years, after wage data indicated rising inflation, and hinted at higher interest rates. The Dow Jones Industrial Average plunged 1175 points, and resulted in a global sell-off with worldwide indices crashing.
It wiped out $114 billion from the fortunes of the richest. According to the Bloomberg Billionaires Index, the 500 richest individuals were severely impacted, with 18 billionaires losing more than $1 billion in a single day.
Here are the top five losers.
Berkshire Hathway Chairman Warren Buffett, the third richest in the world, was the biggest loser as his fortune diminished by $5.1 billion. Berkshire is the biggest shareholder in Wells Fargo & Co, which plunged 9.2 percent, the most among S&P 500 companies. Buffett’s wealth now stands at $85 billion.
Facebook founder Mark Zuckerberg witnessed the second-biggest single-day decline, with $3.6 billion being wiped off his account. His wealth stood at $74.7 billion after the crash.
Jeff Bezos, the world’s richest individual, lost $3.3 billion as Amazon shares fell 2.8 percent. Bezos’s fortune now stands at $116.4 billion, and he continues to retain the top spot in the Billionaires’ Index.
Google-parent Alphabet’s Larry Page and Sergey Brin lost $2.3 billion each. Page had $52.9 billion, while Brin owned $51.5 billion at the end of the day.
The Microsoft founder’s fortune slipped $2.2. billion. Gates is the world’s second-richest after Amazon’s Bezos. His wealth now stands at $91.6 billion.
Elsewhere, in India
Indian investors too lost nearly Rs 4.95 lakh crore as the BSE Sensex fell 1275 points in opening trade on Tuesday. Over 2,000 BSE stocks plunged. Bharti Airtel, Tata Motors, Dr Reddy’s Laboratories, Maruti Suzuki, NTPC, and State Bank of India were the biggest single-day losers. Sector-wise, telecom and realty indices were the worst-performing.