World’s richest lose $63bn on trade tensions, stock slide

Bernard Arnault, chief executive officer of LVMH Moet Hennessy Louis Vuitton SE, right, and Helene Arnault arrive for a state dinner in honor of French President Emmanuel Macron at the White House in Washington, D.C., U.S., on Tuesday, April 24, 2018. Photographer: Andrew Harrer/Bloomberg

INTERNATIONAL – The combined net worth of the world’s 500 richest people fell the most in six months on Thursday, according to the Bloomberg Billionaires Index.

The group shed 1.2 percent of its combined net worth as luxury stocks tumbled following reports of a Chinese trade crackdown, and as U.S. equities slid on concerns over rising Treasury yields.

Europe’s richest person, Bernard Arnault, saw his fortune fall about $3.5 billion, the most of anyone on the index. The founder of the world’s biggest luxury goods maker, LVMH Moet Hennessy Louis Vuitton SE, is now worth $73.5 billion.

Brothers Alain and Gerard Wertheimer, who own Chanel, lost $775 million, while Francois Pinault, founder of Gucci owner Kering, took a $1.6 billion hit.

Tech moguls weren’t spared. Amazon.com Inc.’s Jeff Bezos, Facebook Inc.’s Mark Zuckerberg, Microsoft Corp.’s Bill Gates and Alphabet Inc. co-founders Larry Page and Sergey Brin, plunged $8.4 billion.

Warren Buffett, the world’s third wealthiest person, was the only billionaire in the top 10 to end the day richer. His fortune climbed $1.2 billion to $90 billion.

BLOOMBERG