Alarm bells rang across world markets on Monday as a 9% fall in Chinese shares and a sharp drop in the dollar and major commodities frightened investors. China’s decision of cutting down its currency (Yuan) rate is major reason for sink of world stocks. Guess what, China’s; in fact, Asia’s richest man Wang Jianlin, chairman and founder of property and entertainment company Dalian Wanda, lost $3.6 billion on Monday alone.
Wang Jianlin saw $2 billion wiped from his stake in Dalian Wanda Commercial Properties Co., according to the Bloomberg Billionaires Index, after it tumbled 17 percent to its lowest level since it went public in December. Wang also lost nearly $1 billion from his Shenzhen-traded Wanda Cinema Line Co., which fell by the exchange-exposed limit of 10 percent on Monday. The remaining losses stemmed from stakes in private companies, according to data compiled by Bloomberg, which tracks the world’s richest people.
Asian billionaires shed a fifth of their wealth in the past three months and $54 billion since the start of trading on Friday. Mainland Chinese billionaires lost more than $14 billion on Monday collectively or 6 percent of their total net worth. Indian billionaires recorded falls equivalent to 6.6 percent of their overall wealth. India’s second richest person Mukesh Ambani lost $1.8 billion, or 9.2 percent of his net worth.
Recent Random Post:
