In the last two months, massive sell-offs fearing interest rate hike by the United States Federal Reserve tanked market and subsequently, world’s richest persons lost — the 500 wealthiest people on the planet — lost a total $436 billion in past two months since January 26. According to Bloomberg Billionaires Index, the combined net worth of the wealthiest 500 fell $181 billion this week as the S&P 500 Index and Dow Jones Industrial Average suffered their steepest weekly drop in more than two years, amid heated rhetoric over tariffs and retaliation.
The bad spell on US Stock market also had ripple effects on the Indian stock market and Sensex tanked three times in the last two months wiping off over a total of $1076 billion investors’ wealth. According to the index, here’s how much top five richest Indians lost since January 1. It should be noted that the loss of world’s wealthiest 500 is since January 26, while the loss of richest Indians is since January 1.
With a net worth of $38.4 billion, Reliance Industries Ltd (RIL) chief is India’s richest man. But since January 1, he lost $1.88 billion.
Steel tycoon Lakshmi Mittal’s net worth is $18.3 billion. In little less than three months this year, he lost $1.33 billion.
The construction tycoon and chairman of Shapoorji Pallonji Group has a net worth of $16.6 billion and he lost $782 million since January 1.
The Chairman of Wipro, Azim Premji, has a net worth of $16.4 billion and since January 1, he lost $1.59 billion.
Interestingly, the fifth Indian on the index did not actually lose from his net worth but gained. The founder and chairman of HCL, Shiv Nadar, whose net worth is $14.4 billion, gained $480 million, of which $365 was gained in just one day — Friday. There are 24 Indians on Bloomberg’s 500 richest person list, including Dilip Sanghvi, Uday Kotak, and Gautam Adani.