World’s richest nearing $1 Trillion wipeout in 2020 rout
INTERNATIONAL – From 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 Billionaires Index. 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.
Source: iol.co.za
