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World’s richest people lost almost $ 1 trillion since the beginning of the year

US, WASHINGTON (NEWS OBSERVATORY) — The 500 richest people in the world lost a total of $ 331 billion on Thursday. This is the maximum one-day loss in the entire eight-year history of the Bloomberg Billionaires Index .

Losses since the beginning of the year amounted to $ 950 billion, writes Bloomberg.

Concerns over the coronavirus pandemic and the fall in oil prices caused panic in the markets. The US stock market on Thursday showed the maximum decline since 1987 . Major indices fell by more than 9%.

The collapse of the market has affected billionaires from around the world and from all industries.

The head of the French group of companies LVMH (Louis Vuitton Moet Hennessy) Bernard Arnaud lost $ 9.5 billion. Net worth of Amazon founder Jeff Bezos declined by $ 8.1 billion.

The state of 53 billionaires fell to the lowest level since their inclusion in the index.

Meanwhile, the two dozen richest Russians lost $ 65 billion this year, partly due to a price war in the oil market.

According to sources Reuters , Saudi Arabia stepped up efforts to oust the Russian brand of Urals oil from major markets after the OPEC + deal was broken.

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Article is written and prepared by our foreign editors from different countries around the world – material edited and published by News Observatory staff in our US newsroom.