The 100 wealthiest people on the planet lost $26.1 billion from their collective net worth this week as global markets fell amid concern about the United States s so- called fiscal cliff and Europe's debt crisis.
Microsoft Corp (MSFT) co-founder Bill Gates, 57, lost US$1.8 billion as shares of the world’s largest software maker retreated 8 percent during the week. The Redmond, Washington- based company replaced its Windows division chief Steven Sinofsky on Wednesday, less than a month after the release of Windows 8. Gates, the world's second-richest man, is worth $60.4 billion, according to the Bloomberg Billionaires Index.
"Investors got buried under global headlines," Jack Ablin, chief investment officer at BMO Harris Private Bank in Chicago, which oversees about $60 billion of assets, said in a phone interview. “Anything with an international growth bias got hammered."