Wealth wipeout from market meltdown reshapes ranks of world’s richest people

The wealth destruction caused by Monday’s market collapse is reshaping the ranks of the world’s richest people.

While these energy moguls are taking the biggest shellacking in percentage terms, losses have cascaded across industries and continents. The world’s 500 richest people lost a combined US$203 billion through the first 96 minutes of trading in the U.S. That’s the biggest daily plunge since the index began tracking the number in October 2016. The losses include declines in publicly traded assets and estimated drops in the values of private companies — as is the case with Hildebrand’s Hilcorp Energy — that Bloomberg calculates using public peers.

Spreading VirusToday’s losses could have been deeper, and they still may be before the day is done. Each of the three major U.S. stock indexes opened down more than 7 per cent in the first seconds, triggering a trading halt.

Who the hell cares about the super rich. They NEVER hesitate to screw workers to make an extra nickle, I couldn't care less about their temporary set back. cdnpoli onpoli

rexglacer What about our retirement fund?

One step closer to my level🧐

Mr Koch must be doing alright then

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The oil market meltdown and its global impactA clash of two oil titans - Saudi Arabia and Russia - is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States. Sun and wind not controlled by anyone. Time to move away from oil. This sure reminds me of the SARS scare years ago. It will all blow over within days or weeks. The evil media is out to paranoid the world. Calm cool, collective is not the nature of the mainstream media. The more intelligent news is not what the majority of the people are exposed to.
Source: CTVNews - 🏆 1. / 99 Read more »

How ETFs have reshaped the financial services businessIt’s been 30 years since the first ETF was listed in Canada – and the product’s simplicity and transparency have led advisors to define their business models more clearly
Source: globeandmail - 🏆 5. / 92 Read more »