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
... [+]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,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 conglomerateit 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.
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