INSUBCONTINENT EXCLUSIVE:
By Devon PendletonFrom New York to Paris, Sao Paulo to Hong Kong the losses are unprecedented for the world’s wealthiest.
The world’s
500 richest people collectively lost $331 billion on Thursday, the biggest one-day drop in the eight-year history of the Bloomberg
That pushed the group’s year-to-date losses to $950 billion.
This week’s collapse marks the end of a decade of soaring markets and cheap
money that helped the planet’s wealthiest people amass a record $6.1 trillion less than two months ago
Those gains were obliterated over the past four days as pandemic fears and plunging oil prices sent markets into a nosedive.
Since the first
of the year the world’s richest have lost 16% of their collective net worth, according to the index
The market meltdown has slammed billionaires from every part of the globe and every industry.
“People right now are afraid,” said
Charles Doraine, president of Doraine Insurance Group and a former wealth manager
“Things are being introduced to the world of investing that have never been there before -- health risks
This is stuff beyond the market’s normal fears and concerns.”
The anxieties of the super rich are evidenced by a spike in demand for
private jets, canceled charity galas and an exodus to secluded second homes
Global measures to limit the spread of Covid-19 have introduced restrictions rarely experienced by a globe-trotting elite for whom access
and services are seldom constrained
On Thursday, wealthy travelers scrambled to book private flights to the U.S
from Europe ahead of President Donald Trump’s recently-announced travel restrictions.
Trump’s rhetoric-laden address to the nation on
Wednesday evening did little to calm investors, contributing to a further slide in stocks and trimming the wealth of some of his major
supporters.
Oklahoma fracking mogul Harold Hamm dropped off the index Monday after losing almost half his net worth, squeezed by the
Sheldon Adelson, majority owner of Las Vegas Sands Corp., the world’s largest casino operator, has lost $11.7 billion since the start of
the year as gaming floors emptied and trade shows were canceled
That’s more than a quarter of his net worth.
Carnival Corp
Chairman Micky Arison dropped six spots on the billionaires index Thursday after shares of the world’s biggest cruise operator plunged 31%
The company announced it was suspending all voyages by its Princess Cruises line for two months.
Individuals higher up the ranks sustained
staggering one-day losses
Luxury titan Bernard Arnault, chairman of LVMH, lost $9.5 billion and Amazon.com Inc.’s Jeff Bezos’s net worth fell by $8.1 billion
A total of 53 billionaires saw their fortunes drop to the lowest since joining the index.
Brazil’s fortunes were particularly hard hit,
both by plunging stock prices and a weakening real
Guilherme Benchimol, founder of XP Inc., ceased to be a billionaire after shares of the Sao Paulo-based brokerage fell 34% below its
December initial public offering price.
Meanwhile, Russia’s wealthiest two dozen people are down $65 billion this year, partly because of
President Vladimir Putin’s oil price war with Saudi Arabia.
--With assistance from Felipe Marques, Jack Witzig and Tom Metcalf.