Monday, October 5, 2015

Chinese Billionaire Loses Over 80% Of Net Worth

Last year, I learned about a planned canal that would cross Nicaragua.  A few days ago, Bloomberg Business published a report on a Chinese billionaire, one of the canal's backers, losing a large portion of his net worth due to the collapse of China's equity markets.  It looks like there might be a dent in those canal-building plans.  From Bloomberg:
Telecommunications entrepreneur Wang Jing, 42, was one of the world’s 200 richest people with $10.2 billion at the peak of the Chinese markets in June, according to the Bloomberg Billionaires Index. His net worth has since fallen to $1.1 billion.
His 84 percent drop so far in 2015 is the worst recorded by the index, which provides a daily ranking of the world’s 400 richest people. Ivan Glasenberg, chief executive officer of Baar, Switzerland-based Glencore Plc, had the second-biggest percentage decline, falling 66 percent to $1.8 billion.
$1.1 billion is nothing to sneeze at, but losing over $9 billion is truly staggering.  Read the full story.

No comments:

Post a Comment