The wealthiest 500 people on the planet have lost nearly $117 billion which amounts to 2.1 percent of their collective net worth in a single day as the US stocks plunged to record its biggest dip this year.
According to the Bloomberg Billionaires Index, 21 richest people lost over $1 billion as the US stocks dropped on account of tensions between United States and China.
The worst hit was the founder of Amazon Inc, Jeff Bezos which shed almost $3.4 billion in a single day. Despite the latest development, Jeff Bezos is still the richest person on earth with $110 billion.
The next biggest loser was French Tycoon Bernard Arnault who lost $ 3.2 billion followed by Facebook CEO Mark Zukerberg who lost $2.8 billion.
The fourth biggest loser was however Indian billionaire Mukesh Ambani who lost $2.4 billion.
These 500 richest people are believed to be controlling at least $5.4 Trillion.
US-China trade war and the situation in Hong Kong might have had ramifications on the single day melt-down of stock markets.