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China Stock Turmoil 2015
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Wang Jianlin saw US$2 billion wiped from his stake in Dalian Wanda Commercial Properties, according to the Bloomberg Billionaires Index. Photo: AFP

Asia’s richest man loses US$3.6 billion on China’s ‘Black Monday’ as world's billionaires see their fortunes tumble

Wang Jianlin saw US$2 billion wiped from his stake in Dalian Wanda Commercial Properties

Asia’s richest person lost US$3.6 billion yesterday, the most among all billionaires worldwide, as China’s stock markets had the biggest plunge since 2007 and a wave of selling spread across the globe.

Wang Jianlin saw US$2 billion wiped from his stake in Dalian Wanda Commercial Properties, according to the Bloomberg Billionaires Index, after the Hong Kong-listed property developer tumbled 17 per cent to its lowest level since it went public in December. Wang also lost nearly US$1 billion from his Shenzhen-traded Wanda Cinema Line, which fell by the exchange-exposed limit of 10 per cent yesterday. His fortune stood at US$31.2 billion after the decline.

A public relations official for Wang declined to comment on the losses in an e-mail.

READ MORE: China Markets Live - Hong Kong shares surge by over 2 per cent; Shanghai and Shenzhen down but off lows

Twenty-four billionaires saw their wealth fall by more than US billion yesterday including Bill Gates, whose wealth dropped US$3.2 billion. Photo: AFP

China’s stocks tumbled yesterday after government stimulus failed to lift investors’ confidence in the country’s slowing economy.

The rout also spread to other regions, seeing fortunes plummet worldwide.

About US$124 billion was wiped off the collective fortunes of the world’s 400 richest people as the global selloff pushed the Standard & Poor’s 500 Index into its first correction in nearly four years.

"Everyone is probably overly pessimistic about the stock market now," Amy Lin, a Shanghai-based analyst at Capital Securities, said in an interview. "There was a lot of panic selling in the market."

Twenty-four billionaires saw their wealth fall by more than US$1 billion on Monday.

They included Bill Gates, whose wealth dropped US$3.2 billion, the most of anyone after Wang, and Inditex SA founder Amancio Ortega, whose wealth fell US$1.5 billion, the most of any European, according to data compiled by the Bloomberg Billionaires Index.

Mexico’s Carlos Slim lost US$1.6 billion as his fortune fell to its lowest level since the Index began in 2012.

READ MORE: From Asia to Wall Street: China’s stock market meltdown goes global in one of the worst trading days for eight years

Asian billionaires have been hit hardest after the Shanghai Composite Index dropped 8.5 per cent at the close yesterday to erase its gains for the year.

Billionaires from Asia shed a fifth of their wealth in the past three months and US$54 billion since the start of trading last Friday.

Mainland Chinese billionaires lost more than US$14 billion on Monday collectively, or 6 per cent of their total net worth.

Indian billionaires recorded falls equivalent to 6.6 per cent of their overall wealth.

Who lost what? 

Wang Jianlin (China)

US$3.6 billion
Bill Gates (US) US$3.2 billion
Jeff Bezos (US) US$2.6 billion
Warren Buffett (US) US$2 billion
Mukesh Ambani (India) US$1.8 billion
Mark Zuckerberg (US) US$1.7 billion
Larry Ellison (US) US$1.6 billion
Carlos Slim (Mexico) US$1.6 billion
Li Ka-shing (Hong Kong) US$1.5 billion
Amancio Ortega (Spain) US$1.5 billion

 

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