As unemployment hits shocking record numbers in the U.S. and the number of people infected by and dying from the COVID-19 coronavirus continues to increase at a rapid pace, the net worth of the superrich hasn’t exactly been a focal point for most people.
Even the nation’s billionaires are seeing significant reductions to their net worth, however. Since the start of the year, the paper value of five of the world’s richest people has dropped by $116.5 billion, according to the Bloomberg Billionaires Index. And, by some math, they’re not even the hardest hit.
Some billionaires have managed to get notably richer during the pandemic. Jeff Bezos has added $2.75 billion, boosting his net worth to $118 billion. (MacKenzie Bezos is up $826 million.) And the Walton family (Rob, Jim, and Alice) have seen their value rise $273 million, when added together.
Others, who aren’t tied to retail giants, haven’t been so lucky. Here’s a look at five billionaires who have seen the biggest dollar losses this year, as of the end of stock trading on April 1.
Mukesh Ambani –$19.3 billion
Ambani holds a sizable stake in Reliance Industries, owner of the world’s largest oil refining complex. And the oil dispute between Russia and Saudi Arabia, combined with coronavirus market fluctuations, has contributed to a $19.3 billion reduction in his net worth. He also runs a 4G wireless network across India and has substantial real estate holdings. Year to date, he’s down 32.9%, but this comes after a $15 billion gain last year.
Current total net worth: $39.3 billion
Carlos Slim –$19.8 billion
Slim, who owns America Movil, the largest mobile phone operator in Latin America, is down $19.8 billion (or 32.9%) so far this year. He also holds shares in the New York Times and CaixaBank. The fall comes after a rise of just $4 billion in 2019. His current net worth of $40.4 billion is the lowest his fortune has ever fallen.
Current total net worth: $40.4 billion
Warren Buffett –$19.9 billion
The world’s fourth-richest person has dropped $19.9 billion since the start of the year after a $6 billion increase last year. Year to date, shares of his Berkshire Hathaway are down 22%, the same percentage drop as his net worth. The company owns Geico and Dairy Queen (among others) and stakes in Coca-Cola and American Express.
Current total net worth: $69.4 billion
Amancio Ortega –$24 billion
The reclusive owner of the world’s largest clothing retailer has lost $24 billion during the pandemic. Inditex operates more than 7,400 stores around the world, most of which are likely closed now because of stay-at-home orders. Year to date, Ortega is down 31.9%.
Current total net worth: $51.4 billion
Bernard Arnault –$33.5 billion
The chairman and chief executive of LVMH Moët Hennessy – Louis Vuitton, the world’s largest luxury goods company, has seen his net worth fall $33.5 billion since the start of the year. Year to date, he’s down 31.9%. He’s also the largest shareholder in Christian Dior and holds stakes in other luxury goods companies. For a brief period last year, he was the richest man in the world. It’s worth noting, though, that Arnault saw his net worth increase by $38 billion last year.
Current total net worth: $71.7 billion
While those five individuals have lost the most in terms of raw dollars, the percentage drops for each are notably smaller than what other billionaires have faced.
Robert Pera, founder and CEO of wireless product producer Ubiquiti, has seen his net worth fall 45% year to date. So has Reinhold Schmieding, founder and president of Arthrex, an orthopedic surgical device maker.
Charoen Sirivadhanabhakdi, founder and chairman of the Thai beverage and real estate conglomerate TCC Group, is down 47%. And Russian businessman Gennady Timchenko and Heinrich Deichmann, who runs Europe’s largest shoe retailer, have both seen their net worth fall 48% since Jan. 1.
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