World’s 20 Richest People are $70bn Poorer, says Forbes

Graham Ruddick‘s article discusses how the annual rankings of billionaires shows their number is down on last year and that the biggest loser is telecoms tycoon Carlos Slim.

The article begins as follows:

Spare a thought for the billionaires of the world: the combined wealth of the 20 richest people on the planet has fallen by more than $70bn (£50bn) following a slump on global financial markets.

The latest annual ranking of billionaires by Forbes shows that falling share prices, a dramatic drop in the price of oil and volatile currency markets have shaken the global elite.

The combined wealth of the top 20 has fallen from $899bn last year to $827bn and the number of billionaires in the world has shrunk from a record 1,826 in 2015 to 1,810. It is the first time in seven years that the number of billionaires has decreased, and is the first drop in the wealth of the top 20 since 2012.

Read the full article here: World’s 20 Richest People are $70bn Poorer – Forbes

Posted by Pooja Shivaprasad, Associate Editor, Wealth Strategies Journal