The turmoil in global markets has wiped $182bn (£116bn) off the wealth of the world’s 400 richest billionaires, according to research by Bloomberg.
Last week stock market losses were triggered by fears China’s economy is slowing and took many share indices, including the UK’s FTSE 100 and New York’s Dow Jones, into “correction” territory, down at least 10 per cent from highs hit earlier this year.
The biggest loser in dollar terms was Warren Buffett, the world’s third-wealthiest person, who saw $3.6bn wiped off his fortune last week according to the Bloomberg Billionaires’ index, as shares in his Berkshire Hathaway fell more than 5 per cent.
Ivan Glasenberg, the head of Glencore, saw the value of his holdings drop $237m over the week as shares in the commodities giant hit a record low on Friday in London.
The collective net worth of the 400 billionaires tracked by Bloomberg is still $3.98 trillion, however. Analysts cautioned that the week’s dramatic falls need to be put into context, especially for “value investors” such as Mr Buffett who is famous for holding stock in companies for the long term.
“For them that’s a fractional percentage, even though $182bn is a big number,” said John Collins at the wealth manager Aspiriant. “A week like this feels really bad, but when you take a step back, in a big picture view it’s not a disaster by any means.”