Top-10 Biggest Losers On Black Monday

By now every investor has digested the events of August 24, 2015, better known as “Black Monday.” When the dust settled, a trillion dollars had been wiped from the global equities market in just one day. The major averages in Asia, Europe and North America plunged at the fastest rate since the 2008 financial crisis, reminding investors that China’s economic and financial slowdown would be long and painful.

According to Bloomberg News, 24 billionaires from around the world saw their wealth fall by more than $1 billion on Black Monday, while the world’s richest 400 people lost over $120 billion collectively. To get a sense of who lost what, below is list of the top-ten biggest billionaire losers of the day (all figures in USD).

1. Wang Jianlin, China (Lost $3.6 billion)

Chinese business tycoon Wang Jianlin, who also happens to be Asia’s richest man, suffered the biggest loss on Black Monday. His stake in Hong Kong property developer Dalian Wanda Commercial Properties Co. cost him $2 billion. Wang also lost nearly $1 billion on his stake in Wanda Cinema Line, the world’s largest cinema operator.

2. Bill Gates, United States (Lost $3.2 billion)

Microsoft founder and world’s richest man Bill Gates lost a staggering $3.2 billion, more than any other American.

3. Jeff Bezos, United States (Lost $2.6 billion)

American technology entrepreneur and investor lost $2.6 billion on Black Monday, largely as a result of holdings in various publicly-traded companies.

4. Warren Buffett, United States (Lost $2 billion)

Known for his value investing, Berkshire Hathaway chairman and CEO Warren Buffett lost $2 billion. The world’s most successful investor holds hundreds of stocks, which made him especially vulnerable to the global selloff.

5. Carlos Slim, Mexico (Lost $1.6 billion)

The Mexican telecommunications magnate lost $1.6 billion, largely as a result of his holdings in Mexican corporations. Surprisingly, his company America Movil SAB was barely affected by the Black Monday rout and ended the week on a strong gain.