Sat Nov 17, 2012, 07:51 PM
marmar (68,714 posts)
World’s Wealthiest Lose $26 Billion as Fiscal Cliff Nears
$26 billion in 'phantom' wealth, as David Korten calls it.
(Bloomberg) The 100 wealthiest people on the planet lost $26.1 billion from their collective net worth this week as global markets fell amid concern about the U.S.’s so- called fiscal cliff and Europe’s debt crisis.
Microsoft Corp. (MSFT) co-founder Bill Gates, 57, lost $1.8 billion as shares of the world’s largest software maker retreated 8 percent during the week. The Redmond, Washington- based company replaced its Windows division chief Steven Sinofsky on Wednesday, less than a month after the release of Windows 8. Gates, the world’s second-richest man, is worth $60.4 billion, according to the Bloomberg Billionaires Index.
“Investors got buried under global headlines,” Jack Ablin, chief investment officer at BMO Harris Private Bank in Chicago, which oversees about $60 billion of assets, said in a phone interview. “Anything with an international growth bias got hammered.” .................(more)
The complete piece is at: http://www.bloomberg.com/news/2012-11-16/world-s-wealthiest-lose-26-billion-as-fiscal-cliff-nears.html
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World’s Wealthiest Lose $26 Billion as Fiscal Cliff Nears (Original post)
|The Velveteen Ocelot||Nov 2012||#1|
|magical thyme||Nov 2012||#5|