500 richest people in the world lose a combined $114bn

Billionaires' pockets hit hard as market rout eats into fortunes

(FILES) This file photo taken on June 14, 2016 shows Investor Warren Buffett speaking during the "United State of Women Summit" at the Washington Convention Center in Washington, DC.
Three titans of American business announced Tuesday they are joining forces to tackle one of the most enduring problems in American society: quality affordable healthcare.
Billionaire Warren Buffett's Berkshire Hathaway and Jeff Bezos' retail behemoth Amazon will link with financial giant JP Morgan to create a nonprofit healthcare plan to "provide US employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost," the companies said.
 / AFP PHOTO / YURI GRIPAS

A plunge in US stocks on Monday cut the fortunes of the world’s 500 richest people by $114 billion as the optimism over tax cuts that fuelled January’s gains gave way to worries about inflation.

Berkshire Hathaway chairman Warren Buffett, the world’s third-richest person, was hardest hit, losing $5.1bn, according to the Bloomberg Billionaires Index.

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Berkshire is the biggest shareholder of Wells Fargo, which plunged 9.2 per cent, the most in the S&P 500. Mr Buffett, 87, was one of 18 billionaires in the Bloomberg ranking to lose more than $1bn on the day. Facebook chief executive Mark Zuckerberg's fortune tumbled by $3.6bn, the second-biggest decline.

Even Amazon  founder Jeff Bezos, the world's richest person, was not immune to the carnage. His fortune slipped $3.3bn to $116.4bn as shares of the retail behemoth fell 2.8 per cent. Alphabet's Larry Page and Sergey Brin each took hits of about $2.3bn.

The rout followed more modest declines on Friday that erased $68.5bn in wealth from the world’s 500 richest people.

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