Since the Coronavirus, aka COVID-19 breakout, the panic mode has covered the world. It has spread in 135 countries as of this writing, taking the lives of 1000s of people all over the world. Following the fear of the virus, the global pandemic has shed billions of dollars.
Indeed, COVID-19 is everyone’s problem; however, it is the biggest billionaire’s enemy too right now.
From Jeff Bezos To Amancio Ortega-How Much Have The Billionaire’s Lost?
A reliable source, Yahoo Finance reported:
The combined fortunes of the world’s 500 wealthiest people fell by $444 billion as the Coronavirus continued to spread — and spread fear — rattling equity markets worldwide.
The loss is increasing as we talk about it.
Moreover, the world’s three richest people — Jeff Bezos, Bill Gates, and Bernard Arnault — suffered the biggest losses. Amazon’s founder, Microsoft Corp. co-founder, and LVMH Chairman wealth dropped by more than $30 billion.
As per Bloomberg Billionaire’s Index, the Novel Coronavirus has caused the top 10 billionaires to take the multi-billion-dollars hit in a week. It was one of the expensive weeks for not only for investors but also for billionaires and is dubbed as “Black Monday.”
*Black Monday (19 October 1987) is the unexpected stock market crash that struck the global financial market system by 508 points (22.6%) in a day.
Here Take A Look Where The Billionaires Rank After An Unexpected Loss:
|Name||Net Worth Before the outbreak (As of 8 March)||Net Worth After the outbreak (As of 15 March)|
|Jeff Bezos||$117 billion||$111 billion|
|Bill Gates||$111 billion||$102 billion|
|Warren Buffett||$81.7 billion||$75.9 billion|
|Bernard Arnault||$85.8 billion||$69.2 billion|
|Mark Zuckerberg||$69.4 billion||$65.3 billion|
|Larry Page||$62.6 billion||$58.9 billion|
|Steve Ballmer||$59.2 billion||$58.2 billion|
|Sergey Brin||$60.8 billion||$57.1 billion|
|Larry Ellison||$54.7 billion||$54.1 billion|
|Amancio Ortega||$65.8 billion||$52.2 billion|
The aforementioned people are ranked from 1st to 10th in descending order in terms of their net worth.
How Did They Loss Their Fortune?
Billionaires lost their billions mainly due to the global stock market crash after Coronavirus outbroke on 31st December 2019 took a thousand of lives.
Then a disaster occurred, creating the global economic downfall after the World Health Organization declared COVID-19 as a global pandemic with SOS ALert.
Could Bear More Loss
Well, this is not the end. Factories closing, break-in supply chains, and workers being quarantined have dragged down the liquidity of the market.
Similar to the Black Monday crash, in the Crash of 2008-2009, the Government Accountability Office revealed that the 2008-2009 crisis cost the U.S. economy more than $22 trillion, including $750 billion bailouts for banks.