Wealthiest 500 individuals on Earth took a massive loss of 2.1% of their collective net worth on Monday, following the drop of the S&P 500 share price. More than twenty members of the Bloomberg Billionaires Index lost $1 billion or more. With Jeff Benzo’s, the founder of Amazon.com, taking the largest loss of $3.4 billion as shares of his online retailer, Amazon.com, came tumbling down.
However, even after Monday’s trading slump, the 500 individuals have still seen a net increase of 11% in their wealth since January the 1st. controlling almost $5.4 trillion, between them.
China’s announcement to implement an increase in Tariffs and currency manipulation had a huge role to play in Monday’s trading slump. Creating mass uncertainty following the announcement, as a result, people are falling back on their safe haven good, driving the price of gold ever higher. Currently trading at 1472, with expectations to continue its ascent.