World’s Wealthiest Loses A Fortune To Coronavirus; Medical And Biotech Billionaires Are On The Rise

Coronavirus Effect On Economy

Coronavirus has not only swept up thousands of lives from the face of the Earth in the last few months of its outbreak, but it has also swept out quiet a few billion from the global economy. Being on the frontline, the world’s wealthiest people were the ones who took the most awful blow from the COVID-19 outbreak, with only the medical and biotech sector gaining prosperity in the meantime. 

From Hong Kong to Paris, the 500 wealthiest people collectively lost a fortune amounting to $331 billion on Thursday, 12th March alone. The Bloomberg Billionaire Index shows this to be the biggest one-day drop in the past 8 years, which amounts to a $950 billion year-to-date loss for the richest. 

The soaring markets for a decade came to a drastic end with this whopping one-day loss, while, in the past couple of months, the planet’s richest were still able to amass $6.1 trillion. The big gains were immediately obliterated after the Coronavirus scare spread out and oil prices were also hit. 

The virus has hit the wealthy people the hardest as the 53 wealthiest people’s collective net worth was cut short by 16%, since the initiation of the Billionaire Index. 

Sheldon Adelson, a casino owner in Las Vegas lost a quarter of his net worth, almost $11.7 billion, amidst the Coronavirus panic keeping people indoors. Micky Arison of Carnival Corp. shot down 6 spots on the Billionaire index, as the world’s biggest cruise operators’ shares dropped down a staggering 31%, forcing it to stop all the voyages for scheduled for its Princess Cruises line for a period of two months. 

The notable one-day losses were visible among higher-ranked individuals, such as CEO of Amazon Inc., Jeff Bezos, whose net worth fell by $8.1 billion. Another important mention of one-day loss is suffered by Bernard Arnault, the chairman of LVHM, whose net worth slumped down by $9.5 billion. 

The worse hit billionaires were Harold Hamm, who dropped off the index after losing half of his entire net worth by the tumbling price of oil. XP Inc. founder, Guilherme Benchimol ceased being a billionaire as the shares of the Sao-Paulo based brokerage’s slumped down from its public offerings od December by 34%. 
Amidst the huge cumulative loss of fortune among the world’s wealthiest, Cui Jinhai, chairman of Hubei based medical and biotech industry Allmed Medical Products Co. added a fortune amounting to $17 billion, according to Bloomberg Billionaire Index. San Francisco-based Vir Biotechnology Inc. also saw an 11% surge in stock on Thursday. President Li Wenmei and his wife Wang Jihua became a billionaire couple as shares of their Guangzhou Wondfo Biotech Co. gained up to 40%.

Sukanya Chakraborty

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