For Quick Alerts
For Daily Alerts

Bloomberg Billionaire Index: Asia's Richest Lost Wealth For The First Time In 5 Years


Asia, the fastest growing mega-wealth generator saw a bump in 2018. Out of the 128 Asians that are listed on the 500-member Bloomberg Billionaire Index collectively lost $317 billion this year. This is the first time since the ranking started in 2012 that the region's wealth has fallen.

Asia's Richest Lost Their Wealth For The First Time In 5 Years

Trade tensions and concerns over lower stock valuations have hurt the fortunes of some of Asia's biggest names. China's tech sector was particularly hard hurt. Indian and South Korean billionaires were also affected.

Over two-thirds of the 40 Chinese billionaires listed on the index lost their wealth. Wanda Group's Wang Jianlin lost $10.8 billion, the highest in Asia, amid the sale of assets by his property conglomerate to cut debts. Richard Liu, the founder of, who was arrested for less than 24 hours in the US in August on suspicion of rape before being released, lost the most in terms of percentage. He lost $4.8 billion, that is, almost half his wealth. Charges have not been filed against Liu and he has denied the allegation.

In India, 23 of its richest people lost $21 billion, with Lakshmi Mittal losing the most at $5.6 billion, or 29 percent of his net worth. He was followed by the founder of Sun Pharmaceutical Industries, Dilip Shanghvi, whose wealth declined $4.6 billion.

Read more about: bloomberg
Story first published: Friday, December 21, 2018, 14:44 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more