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Wealthiest drop $26.2bn in collective net worth [Mercury, The (South Africa)](Mercury, The (South Africa) Via Acquire Media NewsEdge) THE WORLD'S 400 wealthiest people dropped $26.2 billion (R290bn) from their collective net worth last week as stocks slumped amid concern that global growth is slowing. No one lost more than the Walton family. The heirs to Walmart Stores founder Sam Walton shed $6.9bn from their combined holdings in the world's biggest retailer after the company cut its sales growth forecast and acknowledged the need to do a better job stocking shelves. Walmart dropped 5.4 percent last week. The Standard & Poor's (S&P) 500 index has plummeted 6.2 percent from a record last month amid concerns that central banks are running out of tools to fuel growth in the global economy. European stocks fell for the most consecutive days since 2003, and yields on US 10-year treasuries slid to the lowest level since June last year. The decline in equity markets was exacerbated by war in the Middle East, street protests in Hong Kong and the spread of Ebola. The S&P 500 recovered 1.3 percent on Friday. "No one rings a bell at the bottom, but the stress was so high that we had a snap back," Donald Selkin, the chief market strategist of National Securities in New York, which oversees about $3bn, said in an interview. "Does that mean we're out of the woods? "Probably not, but I think the bottom will hold." Leonardo Del Vecchio, the founder of Luxottica Group, the world's biggest eyewear firm, dropped $1.3bn after the Milan-based manufacturer of Ray-Bans lost its second chief executive in a little more than a month. The 79-year-old will take over as interim chief executive of the company after Enrico Cavatorta resigned "following disagreements on the current governance structure", according to a statement last Monday. The company dropped 9.4 percent last week amid the turmoil. Del Vecchio owns a 65 percent stake in Luxottica. He is the 42nd richest person in the world, according to the Bloomberg billionaires index, with a net worth of $16.6bn. Las Vegas Sands chairman Sheldon Adelson defied the trend with a $1.4bn gain. The casino company announced third-quarter earnings that beat analyst estimates. Adelson has a $30.5bn fortune and is ranked number 15 in the world. Bill Gates remains the world's richest person, even after his fortune dropped $900 million. Microsoft, the software maker Gates founded, rallied 2.1 percent on Friday after falling 2.3 percent earlier last week. Gates has a net worth of $80.9bn. - Bloomberg The Mercury (c) 2014 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |