Sign in     Like us on Facebook Follow us on Twitter Watch us on YouTube

News and Blog

Join 5000 other sharemarket traders for regular blog updates!

Browse to a category

Blog Search

That Must Have Stung…..Just A Little

This has been a tough week for the 0.01% out there.

For the world’s billionaires, this week is already proving rough. The Chinese stock market dropped 8.5 percent Monday, the biggest single-day decline since 2007, and the world’s 400 richest people lost about $124 billion collectively. Chinese billionaires lost more than $14 billion of their net worth Monday alone, while the Shanghai composite index dropped by another 7.6 percent Tuesday, Bloomberg reported.

Wang Jianlin, the richest person in Asia and chairman of the Dalian Wanda Group, was the hardest hit. He lost $3.6 billion Monday, more than any other billionaire. Of that, $2 billion was lost when shares of the Dalian Wanda Commercial Properties Co. sank 17 percent since going public in December. Another $1 billion in losses came from declines in the Wanda Cinema Line Co.

Bill Gates, the former Microsoft chairman, was the second-most affected person, losing more than $3.2 billion Monday. In Asia, billionaires in mainland China suffered the most, losing 6 percent of their total net worth. 

More here – International Business Times

email

Comments

  1. Jim Bowering says:

    Poor bastards – my heart bleeds for them.

Speak Your Mind

*

General Advice Warning

The Trading Game Pty Ltd (ACN: 099 576 253) is an AFSL holder (Licence no: 468163). This information is correct at the time of publishing and may not be reproduced without formal permission. It is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs.

email