For the past several years, the world’s wealthiest have seen their net worths grow by leaps and bounds, thanks to tremendous stock market gains.
But yesterday, markets slammed the brakes, as major stock indices took their biggest hit since 2011. A multitude of factors including fear of rising inflation, complacency about volatility, and plain old momentum dying out led to drops of 4.6% in the Dow Jones Industrial Average and 4.1% in the S&P500.
Hardest hit was Warren Buffett, who saw the value of one of his largest holdings, Wells Fargo, plunge as much as 9.2% yesterday as the Federal Reserve announced it would restrict the size of the bank. Since Feb. 1, Buffett has lost a total of $8.4 billion, according to the Bloomberg Billionaires Index.
But it wasn’t just Americans taking it on the chin: billionaires from Europe to China lost big.
In total, the world’s 500 richest lost $114 billion on Monday.
Below are the 19 individuals who lost at least $1 billion according to the Bloomberg Billionaires Index:
19. Phil Knight, Nike, Lost $1 billion
18. Pony Ma, Tencent, Lost $1.05 billion
17. Carl Cook, Cook Group, Lost $1.1 billion
16. Francoise Bettencourt Meyers, L’Oreal, Lost $1.12 billion
15. Sheldon Adelson, Las Vegas Sands, $1.21 billion
14. Amancio Ortega, Zara, Lost $1.23 billion
13. Kjeld Kristiansen, Lego, Lost $1.29 billion
12. Steve Ballmer, ex-Microsoft, Lost $1.31 billion
11. Alice Walton, Walmart, Lost $1.76 billion