The combined net worth of the world’s 400 richest people has been slashed by $196.2 billion in the last two trading days, following the UK’s decision to leave the European Union, the Bloomberg Billionaires Index shows.
Around $69.2 billion was wiped off their fortune in a single day on Monday. The billionaires from the index have wealth of $3.8 trillion, which is an almost two percent decline from the start of the year.
— BBG Billionaires (@BBGBillionaires) June 28, 2016
According to the data, Europe’s rich took the hardest hit. The 92 billionaires lost $29.4 billion, with the two-day decline totaling $81.7 billion.
The net worth of the 150 billionaires from the US and Canada has plunged by $62.5 billion through Monday.
China’s 26 billionaires suffered a $1 billion loss on Monday and a $5 billion loss since Friday. They have lost $18.7 billion since the beginning of the year.
The worst losses among the European billionaires were seen by Germany’s third-richest person Georg Schaeffler who lost $1.9 billion, and Europe’s richest person, Spanish retailer Amancio Ortega –down by $1.5 billion. Bill Gates and Mark Zuckerberg were the worst-performing US billionaires on Monday – dropping by $1.8 billion and $1.6 billion respectively.
The Bloomberg index showed that there were 69 billionaires on the index who added to their fortunes on Monday, with 19 of them stockpiling more than $100 million.
Global markets collapsed on Friday, with the British pound suffering its biggest plunge in 31 years in the wake of Brexit vote turmoil. As the panic gradually calmed, European indices and the currency started gaining. Sterling was up on Tuesday by almost one percent to above 1.33 against the dollar, while European stock markets gained over two percent.
In a move to reassure investors and calm the markets, UK Chancellor George Osborne said the British economy would need to “adjust” but is strong enough to cope.
However, the Chancellor said the UK would be poorer because of Brexit, warning Britons to prepare for cuts in public spending and tax hikes.
“We are absolutely going to have to provide fiscal security to people, we are going to have to show the country and the world that the government can live within its means,” Osborne told BBC Radio on Tuesday. (RT)