Wealth of world’s richest tycoons shrinks as US president’s trade war spooks investors
With global stock markets reeling from Donald Trump’s announcement of sweeping border taxes, some of the US president’s business allies have been left counting the cost.
The world’s 500 richest people lost a collective $536bn (£417bn) in the first two days of stock market trading after Trump’s “liberation day” announcement last Wednesday. It was the biggest two-day loss of wealth ever recorded by Bloomberg’s billionaires index.
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