With the recent news of the UK leaving the European Union, stock markets have already shown a deep impact. As Brexit’s effects has gone far beyond political pandemonium. The fall in the stock market has directly impacted the common man as well as the wealthy elite, who control the majority. All over the world, this news has caused some anxiety amongst the stock owners for the uncertain future. So it has resulted in the decline of the richest 400 people’s fortune. The total decline recorded till now is almost 3%.
It has been reported that the DOW Jones Industrial average had its eighth largest point loss of all time, dropping a whopping 610 points. Apart from that, European bank stocks have fallen by nearly 20% while European Stoxx dropped 7%. The same happened with Amancio Ortega, the richest man in Europe. As his net worth has declined by $6 billion, which indeed has become a serious issue for the billionaire.
Britain is no exception, as at present the British pound is down by 11%. Even UK’s richest people are now facing the heat. Gerald Grosvenor, the richest person in Britain has seen a decline in his net worth by $985.21 million.
The impact further extended to the American Billionaires such as Bill Gates, Mark Zuckerberg and Warren Buffet, who saw a decline of $ 2.4 billion, $ 1 billion and $2.3 billion respectively in their fortune.
The phase will pass out in the coming months, however, for now, the world economy and the elite class will have to struggle for some time.