The coronavirus-induced slowdown has affected the fortunes of the rich club. Data from Bloomberg Billionaires Index shows only 70 rich individuals have seen a year-to-date (YTD) increase in their net worth as of April 6, 2020, while rest of them (85 per cent) have seen their wealth eroding.
The index compiles the list of 500 richest people and publishes their daily rankings. Most of them, almost 26 billionaires, belonged to China followed by 23 from United States. Other billionaires that saw a YTD rise in their fortunes came from Hong Kong (4) and three each from Australia and Switzerland. India's Radhakrishan Damani, promoter of Avenue Supermarts with a total net worth of $10.1 billion (as on April 06) was the only Indian billionaire recording a YTD growth of 4.7 per cent or $456 million in his net worth.
It is interesting to note that the United States that dominates the Bloomberg billionaires list with close to 35 per cent billionaires saw only 13 per cent US billionaires with a YTD jump in their fortunes. Meanwhile, almost half of the billionaires club from China, which have an overall representation of 12 per cent in the top 500 rich list, made their way to the growing fortune tribe. Billionaires from Australia and Switzerland too made a healthy mark: Three of the seven rich in Australia and three of the 10 rich in Switzerland saw an increase in their net worth over the said period. With just one individual, India's share was around 8.3 per cent of the 12 billionaires from the country.
The top 100 list was no different. Most of the billionaires from China witnessed a jump in their net worth during the period: Pony Ma ($7.10 million), William Ding ($1.02 billion), Zhang Zhidong ( $87.9 million), Pang Kang ($2.24 billion) and Liu Yonghao ($3.55 billion), to name a few. The richest man, Jeff Bezos, the founder of Amazon from United states with a net worth of $118 billion saw a YTD change of $2.69 billion in his fortunes.
Globally (as on April 6, 2020), there have been over 11 lakh coronavirus confirmed cases. The United States has the highest share with 3.07 lakh confirmed cases followed by Spain with 1.24 lakh confirmed cases. Italy and Germany together add another 2.16 lakh cases.