On Thursday alone, the 500 wealthiest people in the world from New York to Hong Kong, have collectively lost $331 billion, according to Bloomberg Billionaires Index after global stock markets entered the bear market, falling over 20 percent each.
Dow Jones Industrial Average posted its largest one-day percentage drop since 1987 on Thursday.
Mukesh Ambani, the chairman of Reliance Industries Limited and the richest person in India lost $3.4 billion on Thursday from stock market crash that pushed the share price of his company to new 52-week low. Earlier this week, Ambani lost his tag of the richest Asian to Jack Ma.
Jeff Bezos, CEO of Amazon Inc and the richest person in the world lost $8.1 billion on Thursday.
This week could marks the end of a decade of bull run seen in the world markets due to coronavirus scare. Just two months ago, the world's richest had amassed a record $6.1 trillion. However, fear of the pandemic and a plunge in oil prices have sent the markets into a free fall.
According to the live index maintained by Bloomberg, the richest have lost 16 percent or around $950 billion in collective net worth in 2020, till date. The group's year-to-date losses have fallen to $950 billion.