In simply two months, the COVID-19 pandemic erased a consolidated US$ 408 billion from the globe’s top 100 billionaires, with LVMH chief executive Bernard Arnault suffering the biggest loss, US$ 30 billion, according to a unique record by Hurun released Monday.
The billionaires’ wealth was computed based on market data in UNITED STATE bucks as of March 31, and after that compared to the numbers tape-recorded in the Hurun Global Rich Listing 2020, a position of the globe’s billionaires’ riches as of January 31.
Throughout February and March, the COVID-19 break out swept through major stock markets. The Dow Jones was down 21%, as well as markets in India, France, Germany, as well as the U.K. were down 25%.
The only major market that was in the favorable territory was China, up 0.2% throughout the two-month duration, according to the unique report, Hurun Wealth Effect Two Months After COVID-19 Outbreak.
A more powerful dollar also added in component to the loss of billionaires’ riches outside the U.S. In the two months, the British pound lost 6.3% versus the UNITED STATE dollar, the Indian rupee down 5.2%, the Chinese yuan down 2.3%, and the euro down 0.4%, according to the report.
Arnault, 71, lost US$ 30 billion largely as a result of the sharp decline of LVMH’s shares. He has around a 47% risk in the high-end empire, that includes such brands as Louis Vuitton, Celine, Christian Dior, and also Bulgari, to name a few.
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LVMH’s stock rate went down to US$ 74 on March 31 from US$ 87 at the end of January. Arnault’s total assets dropped to US$ 77 billion from US$ 107 billion two months prior.
Among the leading 100 billionaires on the Hurun Global Rich List 2020 released in February, just 9% saw their wide range boost in the last two months, 86% saw their riches decline, as well as 5%, was the same.
“The last 2 months have actually eliminated all the wide range made in the past 2 and a fifty percent years, with the globe’s top 100 down 12.6% or US$ 408 billion, equivalent per of the Hurun Top 100 losing US$ 75 million a day,” Rupert Hoogewerf, chairman and also a principal researcher of Hurun Institute, said in the record.
Amazon.com’s chief executive Jeff Bezos lost US$ 9 billion in the two-month period, yet he continued to be the globe’s wealthiest male with a net worth of US$ 131 billion.
California-based Eric Yuan Zheng, 50, of video conferencing platform Zoom, saw his wealth increase from US$ 3.5 billion to US$ 8 billion. The development rate, at 77%, was the fastest amongst the globe’s billionaires.
The business’s supply rate virtually doubled in the last two months, boosting from US$ 76 to US$ 146 per share.
There were 2,816 known billionaires worldwide, as tape-recorded in the Hurun Global Rich Checklist since Jan. 31. The number is down 20% currently to 2,253, according to the report.
California-based Eric Yuan Zheng, 50, of video conferencing system Zoom, saw his wide range increase from US$ 3.5 billion to US$ 8 billion. The development rate, at 77%, was the fastest among the globe’s billionaires.
The business’s stock rate virtually increased in the last 2 months, enhancing from US$ 76 to US$ 146 per share.
