What the market giveth, the market also taketh away.
Billionaires, who added billions to their fortunes in recent months, saw a reversal of fortune Monday as the stock market swoon chopped billions off their net worths. We shouldn't shed a tear for the billionaires, of course — the losses to pension funds and everyday investors are far more important.
But according to the Bloomberg Billionaires Index, the world's 500 richest people lost a combined $114 billion on Monday alone. Add in Friday's losses and potential fallout this week, and that number could grow even larger.
According to Bloomberg, Warren Buffett was the biggest loser Monday, with his fortune dropping $5.11 billion. Jeff Bezos lost $3.26 billion, meaning he's down to his last $116 billion. Bezos is still up $17.3 billion for the year to date. Bill Gates is down $2.25 billion Monday and Larry Page and Sergey Brin are both down around $2.3 billion.
Key Points
- The world's 500 richest people lost a combined $114 billion on Monday alone, according to Bloomberg Billionaires Index.
Billionaires Bill Gates and Warren Buffett speak with journalist Charlie Rose at an event organized by Columbia Business School on Jan. 27, 2017, in New York.
Spencer Platt | Getty Images