World's rich lose $194bn in 1st week of '16





The world's 400 richest people lost almost $194 billion last 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 US 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%. Bezos is the world's fourth-richest person with $53.7 billion.

There were 11 billionaires among the 400 whose fortunes rose this week.

Akbar Badruddin Jiwani
Mobile: 09323500008 Email: abjiwani@gmail.com Website: bhanudevelopers.blogspot.com

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