The combined wealth of the world's 400 richest people fell by about $70 billion last week following the sharp declines in the markets, according to Bloomberg.
Hedge fund managers suffered the heaviest losses. For example, John Paulson, founder of Paulson & Co., lost $1.5 billion in his fortune after the hedge fund he manages fell $111.3 billion last month.
As mentioned, sharp declines were recorded at the end of the week on European stock exchanges and on Wall Street, with the Nasdaq and S&P 500 indices suffering their worst trading week since May 2012. Global stock markets lost $3.5 trillion in their value after climbing to new highs last month.
The fortune of Elon Musk, founder of electric car manufacturer Tesla, fell by about $755 million after the company's stock collapsed by about $81.3 million over the weekend, the sharpest decline in 3 weeks.
Bill Gates, the richest man in the world, also suffered from the market declines when his fortune, estimated at $82 billion, fell by $2.8 billion last week, after Microsoft shares fell by $4.513 trillion.
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