Despite dip in fortune, world's 500 richest control $5.4 trillion
The 500 individuals listed on the Bloomberg Billionaires Index, a daily ranking of the world's richest people, lost 2.1% of their collective net worth on Monday, as investors reacted to the rising tensions between US and China.
However, the $117 billion dip is merely a dent in their finances, as the world's 500 wealthiest still own $5.4 trillion, Bloomberg reported.
Here's what happened to Mistry, Premji, Nadar and Kotak
Additionally, Mistry, Tata Sons' biggest shareholder (at 18.4%), lost $281 million in the market crash on Monday. Premji lost $428 million (current net worth: $20 billion), Nadar lost $265 million (current net worth: $13.9 billion) and Kotak lost $662 million (current net worth: $12.9 billion).
Trump to impose 10% tariff on Chinese goods worth $300bn
To note, the BSE Sensex lost 418 points (1.13%) on Monday as, last week, United States President Donald Trump announced his plans to impose 10% tariff on $300 billion worth of Chinese goods, starting September 1.
Meanwhile, China allowed its currency to drop sharply, to the lowest it's been in a decade, sparking fears that it could weaponize its currency in the trade war.