Jonathan Ponciano Forbes Staff
Mar 16, 2020,08:00pm EST
Mounting market
losses amid the Coronavirus pandemic have wiped out $293 billion from the
fortunes of the world's 20 richest people in just over a month, Forbes calculates.
When the Dow Jones reached its all-time high on February 13, the top 20
fortunes combined for more than $1.4 trillion — a figure that has since crashed
to $1.1 trillion. Monday alone accounted for $68 billion in losses as the
S&P and Dow plunged 12% and 13%, respectively.
Among this elite
group, the biggest loser over the past month in dollar terms is LVMH chairman
and CEO Bernard Arnualt, whose luxury fashion conglomerate announced Sunday it
would convert perfume factories for hand sanitizer production. His fortune has
plunged $29.6 billion since February 13 to $79.9 billion on Monday, after
crossing the $100 billion mark in 2019. LVMH stock is down nearly 30% over the
past month, falling nearly in tandem with the broader market in France.
In percentage
terms, the biggest loser is India's Mukesh Ambani, who founded energy
conglomerate Reliance Industries, the most valuable company in his nation. The
firm's tanking stock has wiped out nearly a third of Ambani's fortune, which
now stands at $38.6 billion.
Meanwhile, Jeff
Bezos, the wealthiest person on the planet, is now also its sole
centibillionaire, as Bill Gates' fortune took a $5.8 billion hit on Monday and
ended the day at $97.8 billion. Bezos, however, might soon find a similar
outcome; his net worth fell $5.3 billion to $105.1 billion, piling on to the
Amazon founder’s losses of $25.6 billion since February, which is the
second-biggest drop after Arnault.
Monday’s biggest
loser was Facebook cofounder and CEO Mark Zuckerberg, who shed $8.8 billion
after Facebook shares plunged more than 14%. He's now worth $54.3 billion, down
31% since the coronavirus began its market rout.
Former presidential
candidate Michael Bloomberg (worth $50.9 billion), and Koch Family magnates
Charles and Julia ($40 billion each) were the only top fortunes to escape their
cohort's fate; they have weathered the losses mostly because their wealth is
based in private companies, which are largely spared from the public market's
real-time pricing.
For more details on
the net worths of the world’s richest, see Forbes’ Real Time
Billionaires rankings.
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