The combined net worth of the world’s 500 richest people fell the most in six months on Thursday, according to the Bloomberg Billionaires Index.
The group shed 1.2 per cent of its combined net worth as luxury stocks tumbled following reports of a Chinese trade crackdown, and as US equities slid on concerns over rising Treasury yields.
Europe’s richest person, Bernard Arnault, saw his fortune fall about $3.5 billion, the most of anyone on the index. The founder of the world’s biggest luxury goods maker, LVMH Moet Hennessy Louis Vuitton SE, is now worth $73.5 billion.
Brothers Alain and Gerard Wertheimer, who own Chanel, lost $775 million, while Francois Pinault, founder of Gucci owner Kering, took a $1.6 billion hit.
Warren Buffett, the world’s third wealthiest person, was the only billionaire in the top 10 to end the day richer. His fortune climbed $1.2 billion to $90 billion.