China’s stock market is suffering from its sharpest decline since 2007, and it’s hitting the country’s billionaires hard.
Wang Jianlin, the richest man in Asia, lost $US3.6 billion on Monday, according to Bloomberg.
The bulk of that is made up of $US3 billion in losses from just two publicly traded companies he has a stake in.
The share price of Dalian Wanda Commerical Properties Co. dropped 17%, wiping out $US2 billion of his net worth.
His stake in Wanda Cinema Line Co., which fell 10%, lost $US1 billion in value meanwhile. The remaining losses result from Wang’s stakes in private companies, according to Bloomberg.
Wang’s net worth still stands at $US31.2 billion, which grants him the title of the richest man in Asia.
Hong Kong resident Li Ka-Shing ranks second in Asia with $US30.4 billion. He lost $US1.5 billion in the stock market selloff.
The third richest man in Asia is Alibaba founder Jack Ma, who lost $US546 million according to Bloomberg and retains a net worth of $US29.6 billion.
The combined losses of the three men add up to $US5.6 billion.
The world’s 400 richest people collectively lost about $US124 billion, and Asia’s billionaires collectively have lost a fifth of their wealth in the past three months, according to Bloomberg.
Japan’s economy heald steady amid the turmoil. Tadashi Yanai, Japan’s richest person, actually saw his net worth increase, according to Bloomberg. Shares of his clothing company, Fast Retailing, dropped by nearly 6%, but his personal fortune rose by $US106 million to $US21 billion.