Black Monday Meltdown And Bill Gates: Billionaires' Wealth Plummets In 'Great Fall Of China' As Rich Lose Billions
Wang Jianlin, Asia's richest person and the chairman of Wanda commercial properties, lost $3.5 billion Monday after Chinese stock markets plummeted. Above, Wang attends a ceremony during the debut of Wanda at the Hong Kong Stock Exchange Dec. 23, 2014. Reuters/Tyrone Siu For the world's billionaires, this week is already proving rough. The Chinese stock market dropped 8.5 percent Monday, the biggest single-day decline since 2007, and the world's 400 richest people lost about $124 billion collectively. Chinese billionaires lost more than $14 billion of their net worth Monday alone, while the Shanghai composite index dropped by another 7.6 percent Tuesday, Bloomberg reported . Wang Jianlin, the richest person in Asia and chairman of the Dalian Wanda Group, was the hardest hit . He lost $3.6 billion Monday, more than any other billionaire. Of that, $2 billion was lost when shares of the Dalian Wanda Commercial Properties Co. sank 17 percent si...