The world’s 400 richest people lost almost $194 billion this week as world stock markets began the year with a shudder on poor economic data in China and falling oil prices.
Forty-seven billionaires lost $1 billion or more during the worst week for U.S. stocks since 2011, according to the Bloomberg Billionaires Index. The combined drop was almost seven times the $29 billion lost in the first five trading days of 2015. The 400 people on the index had a combined $3.7 trillion at the end of the week, compared with more than $4 trillion a year ago.
Amazon.com founder Jeff Bezos, the best-performing billionaire in 2015, lost the most, his fortune dropping $5.9 billion this week as shares of the world’s largest online retailer fell more than 10 percent. Bezos is the world’s fourth-richest person with $53.7 billion and more than doubled his net worth in 2015 as investors cheered profits at Amazon.