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New York, Feb 25 (Canadian-Media): The dread of coronavirus destroying the global economy led to a combined loss of $139 billion on Monday by the world’s 500 richest people, the biggest wealth drop for the group since the Bloomberg Billionaires Index began tracking that figure in October 2016, media reports said.
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With the global health authorities struggling to contain the virus, the S&P 500 and Dow Jones Industrial Average each dropped more than 3 percent on the day, the most in more than two years.
Bernard Arnault, chairman of luxury-goods maker LVMH -- a French multinational luxury goods conglomerate headquartered in Paris -- and Jeff Bezos, Amazon.com Inc. founder topped among the declines, with each losing more than $4.8 billion.
40 percent of the global market for luxury goods is contributed by China, where the virus originated.
Amancio Ortega, chief executive officer of Zara parent Inditex SA, declined $4 billion, and the fortunes of everyone else in the top 10 slid by at least $2.3 billion.
LVMH's shares in Asia (excluding Japan) increased to 30 percent last year from 15 percent in 2002.
Stocks of cruise-line operators were hit hard by the market declines particularly with Carnival Corp., Royal Caribbean Cruises Ltd. and Norwegian Cruise Line Holdings Ltd. each dropping about 9 percent
Micky Arison, Carnival Chairman's net worth fell $406 million to $10.6 billion due to hundreds of people aboard Carnival’s Diamond Princess in Japan tested positive for the virus.