The escalation of US-China trade skirmishes prompted a bloodbath on Wall Street on Monday with the Dow Jones Industrial Average plummeting 767 points and the S&P 500 index falling nearly 3 per cent.
It was biggest single-day drop in US stocks this year, and in the bargain the world’s 500 richest individuals took a massive hit to their personal fortunes.
Rise of the trade war between the US-China. US announced that it would impose a 10 per cent tariff on Chinese imports worth $300 billion starting September 1.
According to the Bloomberg Billionaire Index, the decline has reduced the total net worth of the world’s 500 riches to $ 117 billion (Rs 8.19 lakh crore). Mukesh Ambani suffered a loss of $ 2.4 billion (Rs 16,800 crore). Amazon CEO Jeff Bejos has lost most of the Rs 2,210 crore. Yet it is the world’s richest, with a net worth of $ 110 billion (Rs 7.70 lakh crore).