The world’s richest people lost a combined $70 billion Monday as markets tanked amid fears of Greece’s default to the International Monetary Fund and declines in China due to leveraged investors exiting the market.
The average loss for billionaires was $175 million, and the collective drop in the value of their fortunes amounted to 1.5 percent. The loss is more than the market capitalization of Twenty-First Century Fox or Ford Motor Co., Bloomberg News reported.
Spain’s Amancio Ortega, Europe’s richest person and the world’s second richest, suffered the biggest loss, with his net worth declining $2.2 billion in one day. Bill Gates, the world’s richest person, lost $1.4 billion. Warren Buffett, the third-richest person, lost $1.6 billion.
Twelve billionaires of the total 400 actually made gains, including Africa’s richest person, Aliko Dangote, whose fortune rose $180 million. [Bloomberg News] — Tess Hofmann