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Billionaire list shows $ 1.5 trillion hit from 2018 market meltdown

The meltdowns of the stock market in 2018 are shuffled by $ US1 trillion ($ NZ1.5t) of the fortunes of the world's richest individuals, with more than 212 Chinese tycoons losing their dollar billionaire status, according to a list of wealth compiler Hurun Report

The report, China's version of the Forbes rich list, showed Chinese billionaires still outnumbered those from any other country as of January 31, at 658. Several newly minted ones amassed wealth through big share offerings. The US had 584 billionaires.

Trader Jonathan Mueller works in a cabin on the floor of New York City, with the most billionaires at 1

03, followed by New York at 92 and Hong Kong with 69.

 Stock Exchange. The markets took a tumble in 2018.


Trader Jonathan Mueller works in a booth on the floor of the New York Stock Exchange.

But while Chinese and other Asians are steadily gaining wealth, Amazon founder Jeff Bezos led the world's wealthiest for the second year running, with wealth estimated by the Hurun Global Rich List at $ US147 billion . Bill Gates ranked second with $ US96 billion and Warren Buffett was third with $ 88 billion. The wealthiest Chinese was Alibaba's founder Jack Ma, with $ US39 billion.

* The debt-clogged world near the tipping point of recession

* Gates' fortune rose $ US6 billion in 2018, said * Jeff Bezos becomes the richest person in modern history
* Billionaires compared to the rest of US
Hurun Report CEO Rupert Hoogewerf, despite his enthusiasm for philanthropy

<figure class=
 A monitor displays stock market information on the floor of the New York Stock Exchange in New York on January 2. [19659006] The only display among the top 10 richest in the world was India's Mukesh Ambani of Reliance Industries, with wealth estimated at $ US54 billion. </p>
<p class= Over all, the report says there are 2,470 billionaires in the world by its reckoning, down 224 from last year. Their total global wealth dropped by $ US950 billion from the year before to $ 9.6 trillion thanks to stock market gyrations and a strong US dollar, it said.

The market meltdowns took the largest toll on Japan, where the Tokyo Stock Exchange lost 43 per cent of its value in market capitalization. But even Shanghai's exchange lost almost a quarter of its value, and Hong Kong's Hang Seng Index plunged nearly 16 percent.

Hurun released the report in partnership with a Chinese luxury property developer, Loong Palace

Hoogewerf said he believes world's billionaires may number over 6,000 people, since many seek to hide the extent of their wealth, especially in the Middle East.

"While some go to extraordinary lengths to conceal their wealth, for the most part billionaires just prefer to be discreet , to prevent competitors from muscling into a good business or to protect their families, "he said in a statement

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