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Coronavirus impact: the world’s richest lose $ 444 billion after a hellish week for markets | International Business News

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NEW YORK: Last week was expensive for most investors, including billionaires.

The combined fortunes of the 500 richest people in the world fell by $ 444 billion as the coronavirus continued to spread, and spread fear, shaking stock markets around the world. The Dow Jones Industrial Average fell more than 12%, the biggest five-day drop since the depths of the 2008 financial crisis, in a defeat that vaporized more than $ 6 billion of global stocks.

The erased more than erased the $ 78 billion earnings that the 500 richest people had accumulated from the beginning of the year until last week, according to the Bloomberg billionaire index.

The three richest people in the world, Jeff Bezos of Amazon.com Inc, Microsoft Corp co-founder Bill Gates and LVMH president Bernard Arnault, suffered the greatest losses, with a combined wealth of approximately $ 30 billion.

Bloomberg (2)

Elon Musk, the 25th richest person in the world, recorded the fourth largest weekly loss, $ 9 billion, as the shares of his Tesla Inc slipped after a sharp rise to start the year. It has still increased $ 8.8 billion in 2020 and has a net worth of $ 36.3 billion.

Health officials are struggling to contain the virus, which can cause a disease similar to life-threatening pneumonia in a minority of patients and spread from other people who look healthy. The World Health Organization (WHO) has so far refrained from declaring it a pandemic.

About 80% of billionaires in the Bloomberg wealth ranking are now in red numbers this year, including those whose businesses have been swept away by the global drama. Carnival Corp president Micky Arison lost a billion dollars this week, as the world’s largest cruise line operator held tourists aboard one of his ships in Japan, where at least five passengers died.

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