Jorge Paulo Lemann

Break out the tiny, expensive violins: World's richest people have lost $511 billion in 2018

Break out the tiny, expensive violins: World's richest people have lost $511 billion in 2018

The richest people on Earth lost $511 billion this year after record first-half gains were obliterated by a succession of bruising market selloffs.

Global trade tensions and worries about a U.S. recession dragged markets lower at year-end, leaving the 500 people on the Bloomberg Billionaires Index with a combined net worth of $4.7 trillion as of Friday's close. It's only the second annual decline for the daily wealth index since its 2012 debut, and represents a sharp about-turn from the start of the year, when bullish investors helped propel the fortunes of the richest to a record $5.6 trillion.

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