The world’s ultrarich are probably not the first financial victims your thoughts go out to as the coronavirus wreaks havoc on the global economy. People have lost jobs, or had wages docked, and gig-economy workers have realized just how vulnerable their digital-era income streams are.
But over the past two months, more than $400 billion has vanished from the pocketbooks of the world’s richest 100 billionaires. That means all their gains over the last 2½ years have evaporated during this crisis, according to a new report by wealth-list compiler Hurun Research.
Nearly all of the 100 tycoons lost money during this period, from Jan. 31 to March 31 — lots of money. Only nine didn’t — and, most striking, all nine are Chinese.
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