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Market meltdown wipes $117bn from wealth of world’s richest

U.S stocks suffered their biggest drop in 2019 yesterday, wiping $117bn (£96bn) from the wealth of the richest people in the world.

The 500 individuals in the Bloomberg Billionaires Index saw their combined net worth drop 2.1 per cent, the news agency says.

Increasing trade tensions between the USA and China were blamed for investor nerves.

While Amazon’s Jeff Bezos was the most high-profile casualty, as a rout in the online supermarket’s stocks saw his wealth drop $3.4bn, he was not alone among the wealthy for suffering a significant hit from Monday’s market drop; losses of $1bn or more hit 21 members of the Billionaires Index, Bloomberg reports.

It’s not all bad news for those on the index, however. Despite yesterday’s fall, their combined wealth is up 11 per cent from the start of the year to almost $5.4trn, and Bezos’s personal fortune still stands at $110bn.

However, protests in Hong Kong are taking their toll on those domiciled there, as $19bn has been wiped over the last two weeks from the wealth of the 10 richest tycoons making their money from firms listed in Hong Kong.

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