With such a chaotic start of the year for the entire markets spectrum due to the poor data from China and the decline in oil prices many traders have seen their strategies or plans collapse and many have suffered losses since they could not have foreseen the recent developments.
If you happen to be one of those traders, don’t despair. Here’s a piece of news that will act as consolation for any losses you may have suffered due to your trading in the first few days of 2016:
According to Bloomberg’s Billionaires Index the world’s 400 richest people lost a combined $194 billion during the first five trading days of 2016. In the same period last year the loss amount was a mere $29 billion!
More specifically, during this week which was the worst for US stocks since 2011, 47 billionaires have lost $1 billion or more each, with the combined losses being over 7 times more than the same period last year. The losses suffered in the first week of 2016, represent a decline of 4,9% in the total wealth of the world’s richest people. It is also interesting to note that the net value of the 400 richest people amounts to $3,7 trillion, roughly matching the GPD of Germany!
The person hit most hard was Jeff Bezos, the founder of Amazon, who saw his fortune decline by $5,9 billion since the stock of Amazon lost more than 10% in value. Currently, Bezos is the fourth richest person in the world, with a net worth of $53,7 billion.
The richest person on earth, Bill Gates, lost $4,5 billion and his net worth fell to $79,5 billion, while the Spanish Amancio Ortega, who is the second richest in the world, lost $3,4 billion and saw his net worth fall to $69,5 billion.
However, amongst the 400 richest people there were 11 who saw their net worth increase this week, including the 5 heirs of Wal-Mart Stores Inc, who gained a combined $2,5 billion, since the price of the Wal-Mart stock rose by almost $2.
If you feel dizzy after these amounts or if you still think that your own losses were immense, then you should try to take some deep breaths and sit some rounds out until this turbulent period in the market passes, before you make your next investment and trading moves.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.