The world’s richest people lost $200 billion in the global stock sell-off

Jeff Bezos, Larry Ellison and Masayoshi Son are just some of the hundreds of billionaires whose fortunes collapsed as global markets plunged on Monday.

If there are bad days for billionaires, Monday was definitely one of them. The global market sell-off began on the other side of the world and wiped out a total of $201.9 billion from the combined net worth of the world’s 2,713 billionaires in 24 hours, according to Forbes’ real-time net worth tracker.

Asia led the contagion, with Japan’s Nikkei falling a stunning 12% on Monday, its worst trading day since “Black Monday” in 1987, in part because of higher interest rates and a strengthening yen against the U.S. dollar. Famed Japanese technology investor Masayoshi Son, founder and CEO of Tokyo-based SoftBank Group, lost $4.6 billion, or almost 16%, making him the world’s second-biggest loser by percentage. Son’s SoftBank shares fell almost 19% on Monday and more than 30% since hitting a record high in July. (The biggest loser by percentage was German Ralph Dommermuth, CEO of internet access provider United Internet, whose fortune fell almost 17%, or almost $400 million.) Fast fashion brand Uniqlo founder Tadashi Yanai was the latest high-profile Japanese tycoon hit by the economic tailwind, losing $3.3 billion in a day.

In dollar terms, India’s Gautam Adani – chairman of a sprawling conglomerate with interests in ports, airports, power generation and green energy – and Indonesia’s Prajogo Pangestu, whose main businesses are petrochemicals and renewable energy, fell even more than their Japanese counterparts, losing $4.8 billion each.

The biggest losers were U.S. tech billionaires, whose fortunes fell along with the major U.S. indexes. The tech-focused Nasdaq fell 3.43%, falling further into the 10% correction territory it first entered on Friday, while the S&P 500 fell 3% after a weak jobs report on Friday revealed higher unemployment and lower-than-expected job creation. Weaker earnings reports in recent days have not helped investors’ confidence. Bitcoin also fell 10%, and fintech stocks suffered. In total, U.S. billionaires fell by $84 billion.

Amazon CEO and cofounder Jeff Bezos lost more in dollar terms than anyone else in the world, as his net worth fell to $180.7 billion on Monday from $187.1 billion on Friday. The one-day decline of $6.4 billion followed a $15 billion, or 7%, drop on Friday. Behind the selloff: second-quarter revenue (announced after the market closed on Thursday) that missed expectations and a weak outlook related to higher spending on artificial intelligence. Larry Ellison, CEO and cofounder of tech giant Oracle, reported the second-largest single-day loss, falling $6.2 billion on Monday. Oracle shares, which account for the vast majority of Ellison’s net worth, fell 4% on Monday amid the selloff. Combined, the billionaires behind stocks that may not be among the “Magnificent Seven” (Apple, Microsoft, Google parent company Alphabet, Amazon, Nvidia, Meta Platforms and Tesla) were the eighth of the 10 biggest U.S. losers on the day, with a combined loss of $38.5 billion.

In fact, the only person to gain a spot on Forbes’ list of the 20 richest people was L’Oréal heiress Françoise Bettencourt Meyers. At least she had a lucky Monday.