The world’s 20 wealthiest people lost a combined $10.7 billion last week as Europe’s debt turmoil and concerns over the pace of economic growth in China and the U.S. sent stocks lower worldwide.
“It’s hard to find any market that came through unscathed,” said Geoffrey Pazzanese, who helps manage $800 million in stocks at Federated Investors in New York.
Global markets dropped last week as the cost of insuring against a default in Spain reached a record high.
Carlos Slim’s fortune declined by $1.62 billion during the week as the American depositary receipts of his telecom operator, America Movil SAB, dropped by 0.7 percent. The 72-year-old Mexican investor remains the wealthiest person on the planet.
Microsoft co-founder Bill Gates, 56, saw his net worth fall by $1.17 billion to end the week at $62.1 billion. He holds second place on the index. Warren Buffett, 81, is third with $44.1 billion, after losing $1.07 billion last week. While the world’s three richest people lost ground in the past week, they have gained a combined $13.3 billion in 2012.
