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Abu Dhabi, UAEMonday 18 June 2018

World's richest see $100bn in net worth wiped out as stocks fall

Around 20 billionaires lost at least US$1bn each 

US stocks tumbled to their lowest levels since November as fears of rising interest rates and inflation intensified. Seth Wenig/AP
US stocks tumbled to their lowest levels since November as fears of rising interest rates and inflation intensified. Seth Wenig/AP

Swooning markets Thursday cost the world’s 500 richest people US$93 billion in net worth, and 20 of them lost at least US$1 billion each.

Jeff Bezos, the world’s richest person, saw his fortune drop by US$5.3 billion to US$113.2 billion, according to the Bloomberg Billionaires Index, as his Amazon.com Inc tumbled 4.7 per cent on the day. Berkshire Hathaway chairman Warren Buffett’s wealth dropped US$3.5 billion and Facebook’s Mark Zuckerberg lost US$3.4 billion.

Elon Musk came back to Earth, dropping US$1.1 billion in net worth after his Space Exploration Technologies successfully launched a Tesla sports car on a journey around the sun. Shares of Tesla, which he also leads, plunged 8.6 per cent.

The Dow Jones Industrial Average and S&P 500 Index both tumbled to their lowest levels since November as fears of rising interest rates and inflation intensified.