Tag Archives: World Richest

World’s richest lose $436 billion as 2018’s stock rout deepens

Mark Zuckerberg Photographer: Justin Sullivan/Getty Images

It’s been an expensive two months for the 500 wealthiest people on the planet.
Their combined net worth fell $181 billion this week as the S&P 500 Index and Dow Jones Industrial Average suffered their steepest weekly drop in more than two years amid heated rhetoric over tariffs and retaliation. The group’s wealth has shrunk $436 billion since markets peaked on Jan. 26.

Mark Zuckerberg bore the brunt this week with $10.3 billion wiped from his fortune on the Bloomberg Billionaires Index. He dropped three places to seventh on the ranking as scandal unfolded at Facebook Inc. The social network’s shares tumbled 14 percent following reports that it let Cambridge Analytica amass data on 50 million users.

Wretched Week

The five biggest billionaire fallers ended the week $34 billion poorer.

One-week loss

  • Larry Page $-4.6B
  • Jeff Bezos -6.1B
  • Warren Buffet -6.2B
  • Larry Ellison -6.9B
  • Mark Zuckerberg -10.3B.

Source: Bloomberg Billionaires Index.

The downdraft also caught Larry Ellison, down $7 billion as Oracle Corp. forecast slowing sales growth for cloud-related products. Berkshire Hathaway Inc.’s Warren Buffett, Amazon.com Inc.’s Jeff Bezos and Alphabet Inc.’s Larry Page lost $17 billion combined.

The world’s 500 biggest fortunes now encompass $5.2 trillion, according to the index.

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​Forbes Reveals The World’s Richest Man In 2018

The richest man in the whole world has been revealed by Forbes Magazine in its latest edition of the ranking.

                       Jeff Bezos

Amazon founder and chief executive, Jeff Bezos, has been named by Forbes Magazine in its latest edition as the world’s richest man with 112bn dollar fortune. He replaces Microsoft co-founder, Bill Gates, who fell back into second place with 90bn dollars.

Forbes calculated that Bezos’s fortune, which is mostly held in Amazon shares, increased by 39.2bn dollars over the past year.

The biggest ever one-year gain. Amazon’s shares have nearly doubled from 846 dollars a share last March to 1,523 dollars per share last night.

Gates, who had topped the Forbes billionaires list for 18 of the last 24 years, saw his fortune rose modestly from 86bn to 90bn dollars.
Collectively, the world’s 2,208 billionaires hold 9.1tn dollars more than three times the gross domestic product (GDP) of the UK.

The billionaires increased their combined wealth by 1.4bn dollars over the past year.

The list is published in Forbes’s latest edition under the headline “The super-rich continue to get richer, widening the gap between them and everyone else”.

Twelve out of the top 15 richest people are from the US, with investor Warren Buffett in third place (with $84bn) and Facebook’s Mark Zuckerberg in fifth ($71bn).

France’s Bernard Arnault of luxury goods group LVMH is the richest person from outside of the US with a $72bn fortune.

The number of women on the list increased from 227 to 256. A record 72 of the women made their own fortunes. The world’s richest self-made woman is Hong Kong’s Zhou Qunfei, founder of smartphone screen maker Lens Technology.

The Forbes’ billionaires list is based on share prices and other financial data on 9 February 2018. The magazine also noted that the U.S president Donald Trump’s fortune had fallen for the second year running in annual ranking of the world’s wealthiest people.

It said that Trump’s net worth had fallen by $400m (£287m) to $3.1bn over the past year.

“It means the president has slipped more than 200 places in the billionaire rankings from 544th richest last year to 766th this year,’’ it said.

The magazine attributed Trump’s decline in wealth to “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign”.

Forbes said a record 35 people have joined the list of the world’s billionaires, with the magazine calculating there are now 2,208 people with a net worth of more than 1bn dollars.

Source: 247nigerianewsupdate.com