Global Markets: World's wealthiest man Jeff Bezos's Fortune Just Dropped $9.1 Billion

Drowning global markets cost $99 billion from the fortunes of the world’s 500 wealthiest people on Wednesday. The loss marks this year's second sharp one-day drop for the Bloomberg Billionaires Index.

Amazon.com Inc. founder Jeff Bezos lost $9.1 billion, more than anyone on the index, as shares of Amazon fell the most in the last two years. The drop lowered Bezos’s net worth to $145.2 billion, its lowest since July this year. Bezos is now currently the richest man on earth.

The wealth of Europe’s wealthiest person, Bernard Arnault, (CEO) of LVMH, the world's largest luxury-goods company $4.5 billion to $66.9 billion.

The loss of his company's shares attributed to China was tightening border checks which are aimed to stop unauthorized imports of items like Louis Vuitton handbags and Berluti boots.

Amazon’s stock collapsed 6.15% on Wednesday, closing at $1,755.25 a share. This trend remained ceaseless over this month even as Amazon’s stock has lost 13.2% of its value since the beginning of October. On the contrary in the first half of the year Amazon stock steadily upsurged which made Jeff Bezos, the wealthiest man in the world.

Jeff Bezos owned 16% stake in Amazon.

Six other tech billionaires among the top 20 richest people in the world were also affected by falling stock prices. According to Forbes Real-Time Rankings their fortunes fell $11.9 billion on Wednesday. The fortune of Google cofounders Sergey Brin and Larry Page dropped 4.2% which amounts to $4.3 billion

Facebook CEO Mark Zuckerberg lost $2.4 billion on Wednesday and now his net worth stands at $56.7 billion.

America’s billionaires were badly hit at $54.5 billion loss, more than any other country represented on the Bloomberg Billionaires Index.

As the market tumbles Apple lost 4.6 per cent to $US216.36 and Microsoft dropped 5.4 per cent to $US106.16.

All total 17 people lost more than $US1 billion on Wednesday's market crash as carnage equally affected all sectors.

Warren Buffett of Berkshire Hathaway Inc.' was among the biggest losers in percentage terms as his net worth dropped $US4.5 billion, or 4.9 per cent.