World’s Richest Lose $117 Billion in One-Day Market Meltdown

The wealthiest 500 people on Earth lost 2.1% of their collective net worth on Monday as U.S. stocks plunged in their biggest drop this year.

Twenty-one members of the Bloomberg Billionaires Indexlost $1 billion or more as investors reacted to stepped-up tensions between the U.S. and China. Amazon.com Inc. founder Jeff Bezos declined the most, shedding $3.4 billion as shares of the online retailer tumbled. But he’s still the richest person on the planet with $110 billion.

The loss is an abrupt reversal for the world’s richest, who up until today had experienced steady gains.

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