Poor little rich kids: world's wealthiest lose billions on stocks
The 40 richest people on the planet lost a combined $3.7 billion this week as global stocks declined. The biggest loser was Carlos Slim, who dropped $1.7 billion. Shares of the telecommunications mogul's Mexico City-based America Movil fell 2.2 per cent during the week.
Sanford C. Bernstein cut recommendations on Brazil mobile phone carriers on Wednesday. Slim, 72, remains the world's richest man with a net worth of $73 billion, according to the Bloomberg Billionaires Index. "I don't think you can read too much into the market activity since last week," said Brian Wieser, a senior analyst at Pivotal Research Group in Portland, Oregon. "Volumes were light and there really was an absence of meaningful news flow."
US stocks rose on Friday, paring the Standard & Poor's 500 Index's first weekly decline in almost two months, as Federal Reserve Chairman Ben S. Bernanke said the central bank has the ability to take additional steps to boost the economy. Adelson wins Casino tycoon Sheldon Adelson, 79, gained $517 million during the week.
Shares of his Nevada-based Las Vegas Sands rose 3.5 per cent on August 20 after Sterne Agee & Leach analyst David Bain said the company's Macau casinos may post record revenue in August. Bill Gates, 56, is the world's second richest person with a $63.6 billion fortune.
The Microsoft co-founder lost $576 million during the week as the world's largest software company's shares dipped 1.1 per cent. Amancio Ortega has a fortune valued at $45.6 billion, according to the index. The 76-year-old retailer made $561 million during the week as his Inditexrose 0.14 per cent.
Ortega has been jostling with Berkshire Hathaway chairman Warren Buffett for the title of world's third-richest man. Ortega bumped Buffett, 81, from the No. 3 spot on the index on August 6, after shares of Inditex surged. Buffett, who is worth $45.8 billion, reclaimed the position August 10.
The Bloomberg Billionaires Index takes measure of the world's wealthiest people based on market and economic changes and Bloomberg News reporting.