World’s Wealthiest Lose $139 Billion Overnight as Dow Jones Plunges
On Monday the Dow Jones and S&P 500 fell 3.56% and 3.3% respectively, leaving investors and analysts shocked around the world.
For the world’s wealthiest, what is figured to be the biggest wealth drop for these indices in the past few years, has resulted in an overall $139 billion loss. The reason behind this? Investor panic in the wake of the coronavirus, for the most part at least.
Following tense geo-political circumstances and recent impacts on stocks from current tariffs and regulatory measures, the global economic climate has already become more complex and fatigued, particularly for multinationals and global investors. Analysts and economists have already warned investors that this may in fact just be the beginning of what’s to come.
LVMH Chairman Bernard Arnault, and Amazon Founder and CEO, Jeff Bezos were those losing the most out of stock pocket, each losing over $4.8 billion a head. Amancio Ortega, CEO at Inditex, which owns Zara, lost around $4 billion, while several other billionaires lost at least $2.3 billion each.
Looking at the above, and the listings on the aforementioned indices, its clear that as China holds around 40% of the world’s luxury goods markets, those who will suffer most will be the owners of said retail operations, such as Arnault, Bezos or Ortega.