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International

The world’s 500 richest people have lost a combined $128 billion since Monday

13:15, Friday, 02 March, 2018
The world’s 500 richest people have lost a combined $128 billion since Monday

Warren Buffett’s wealth dropped $3.74 billion since Monday as U.S. stocks tumbled for a third straight day.

Losses for the Berkshire Hathaway Inc. chairman topped those of Facebook Inc.’s Mark Zuckerberg, who is down $3.71 billion. The fortunes of Alphabet Inc.’s Larry Page and Sergey Brin each dwindled about $3 billion, while Spain’s Amancio Ortega took a $2.5 billion hit on the Bloomberg Billionaires Index.

The world’s 500 richest people have lost a combined $128 billion since Monday, more than the entire market capitalization of Netflix Inc. or McDonald’s Corp. The wealth of U.S. billionaires fell the most, declining a combined $55 billion. Chinese tycoons saw $14 billion erased.

The S&P 500 Index fell 1.3 percent Thursday, bringing the three-day slide to 3.7 percent.

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