A stock market decline this week was tremendously felt as it affected the world's wealthiest 400 people losing a total of $182 billion. The said decline was likewise attributed to the concerns about the Chinese economy, according to independent. The collective loss of $182 billion is the recorded biggest loss this year in relevance to New York Stock Exchange.
Among the famous faces in the industry which suffered some loss is the Facebook founder Mark Zuckerberg, who according to report suffered a $1.9 billion loss thus plunging to $37.8 billion of estimated fortune. But the largest cut of the pie does not belong to Mark, but rather to one of the most successful investor of the 20th century and business magnate, Warren Buffett. The third wealthiest person, as reported by dailymail, came out with $3.6billion less after close on Friday as his company Berkshire Hathaway slipped five percent. And for Bill Gates, the man behind the tech giant Microsoft, his loss was $1.4 billion down to $82.4 billion of fortune.
But for, John Collins, director of investment advisory at US wealth management firm Aspiriant, this loss is just fractional for these billionaires. For as he told Bloomberg, he remarked that;
"A week like this feels really bad, but when you take a step back, in a big picture view it's not a disaster by any means... For them that's a fractional percentage, even though $182 billion is a big number."
From a man who oversees more than $8 billion for high net worth clients, such loss would considerably fractional, but for a wage earner losing such amount would be irrational. But still, the losses incurred by these investors and businessmen are indeed fractional compared to the increase of their net worth this year. Considering the world's 7th richest person, Amazon CEO Jeff Bezos, gaining $15.6 billion this year and Mark Zuckerberg with an additional $3 billion gain this year.
