The richest people on Earth lost $511 billion this year after record first-half gains were obliterated by a succession of bruising market selloffs. Asia AngstEven Asia’s fabled wealth-creation machine stumbled as the region’s 128 billionaires lost a combined $144 billion in 2018. The Kingdom’s richest person, Prince Alwaleed, who was released in March after 83 days in detention, lost $3.4 billion. Meanwhile, Africa’s richest saw their fortunes shrink by 14 percent as the emerging-market rout hammered assets. Timchenko, sanctioned in 2014, added 27 percent to his net worth as shares of gas producer Novatek rose 40 percent.

Source: Hindustan Times December 21, 2018 23:03 UTC