World’s 500 richest people have lost combined 107 billion USD this week

WASHINGTON: Seems like this week was quite expensive for the billionaires, as the world’s 500 richest people have lost a combined 107 billion USD, more than the entire market capitalisation of Goldman Sachs Inc. or Lockheed Martin Corp.

Facebook CEO Mark Zuckerberg faced the biggest fall after losing 3.2 billion USD as large-cap stocks disappointed for a fourth straight day, as Bloomberg Billionaires Index.

Losses for Zuckerberg was followed by Spain’s Amancio Ortega and Mexico’s Carlos Slim, who were both down 2.4 billion USD as of 1pm in New York.

Since markets opened on Monday, the fortunes of Alphabet Inc.’s Larry Page and Sergey Brin each dwindled more than 2 billion USD.

Chinese tycoons saw 16 billion USD erased.

The Dow Jones Industrial Average has slid about 3.5 percent this week after US President Donald Trump invited a trade war.