Think you got money problems? just ask Wang Jing, telecommunications entrepreneur, who was one of the world’s 200 richest people with a net worth of US$10.2 billion at the peak of the Chinese markets in June.
The Chinese billionaire, who is using his personal fortune to help fund the US$50 billion Nicaragua to rival the Panama Canal, is now worth only US$1.1 billion. Still a lot for us.
According to Bloomberg, his 84 percent drop so far in 2015 is the worst recorded by the index, which provides a daily ranking of the world’s 400 richest people.
Jing is not alone, other billionaires are also this year’s biggest dollar decliners, like Mexican retailer Ricardo Salins, who has fallen 47%. Carlos Slim (also Mexican), the fourth richest has to date this year lost US$14.2 billion, or 20% of his net worth. Warren Buffet, third richest, is down US12.5 billion, a 17% fall.
Feeling better? If you are like me, probably not.
A wise man, who is now one of the richest in Canada, told me many moons back it was all about the decimal place.
According to his logic, a person with 1,000 or 1,000,000 or 300,000,000 (my estimation of his net worth at the time). has the same problems.
Easy to say when he had then a lote more zeros (and even more now) ahead of the decimal place than mine.