The 400 richest tycoons lost nearly $194 billion in first week of 2016 as stock markets around the world were jolted with poor economic data in China and failing oil prices. Last week, the Shanghai Composite lost all of its 2015 gains, falling by 9.97 percent in just five days.
Around 47 billionaires lost almost a billion dollars during the worst week for US since 2011. The final drop goes seven times more than the $20 bn lost in first 5 trading days of 2015. The 400 rich people on the Bloomberg Billionaires Index had a combined $3.7 trillion by end of week.
Amazon.com’s co-founder Jeff Bezoz, who was best performing billionaire 2015, faced the most of the losses with drop of $5.9 billion in one week as shares of the e-commerce giant dropped more than 10%.
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