Chinese billionaire Wang Jianlin suffered the most severe losses of any billionaire worldwide, according to the Bloomberg Billionaires Index, after Chinese stocks slid dramatically on Monday.
Wang saw his fortune decline after both his companies—Dalian Wanda Commercial Properties Co. and Wanda Cinema Line Co.—plunged 17 per cent and 10 per cent, respectively.
The Dalian Wanda Commercial Co., listed in Hong Kong, is China’s largest real estate developer, while the Shenzhen-listed Wanda Cinema Line Co. is the world’s largest movie theatre operator.
The 17th richest man in the world, according to the Billionaires Index, Wang also owns 20 per cent stake in Spanish La Liga football club, Atletico Madrid. His fortune stood at US$31.2 billion after the decline.
China's second richest person Jack Ma, founder of e-commerce giant Alibaba, lost “only” $545 million on Monday, according to the index.
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Overall, the collective fortunes of the world’s 400 richest people declined by $124 billion on Monday. China’s stocks tumbled yesterday after government stimulus failed to lift investors’ confidence in the country’s slowing economy.
Twenty-four billionaires saw their wealth fall by more than $1 billion on Monday. They included Bill Gates, whose wealth dropped $3.2 billion; the most of anyone after Wang, and Inditex SA founder Amancio Ortega, whose wealth fell $1.5 billion, the most of any European, the data show. Mexico’s Carlos Slim lost $1.6 billion as his fortune fell to its lowest level since.
