Super-rich lose $18 bn as Gates chases Slim
The 100 wealthiest people on the planet dropped $17.9 billion from their collective net worth this week after the Standard & Poor's 500 Index fell short of hitting an all-time high.
Carlos Slim, the world's richest person, lost $5 billion during the week, according to the Bloomberg Billionaires Index. Mexican lawmakers announced legislation Monday that threatens to rein in the country's telecommunications monopolies, raising the possibility of a breakup for Slim's America Movil SAB.
The stock plunged to its lowest price in almost four years. The 73-year-old is worth $67.8 billion - $184 million ahead of Bill Gates. The wealth gap between the billionaires is the closest it's been since the index debuted in March 2012.
"It looked like we were oh-so-close. We didn't make it and gave up some ground," said Walter "Bucky" Hellwig, who helps manage $17 billion at BB&T Wealth Management in Birmingham, Alabama. "It's a given that we're going to get a new high on the S&P. The question is: What happens after that?"
The S&P 500 climbed Thursday to within two points of its record closing level of 1,565.15, set in October 2007, closing yesterday at 1560.70, up 0.6 per cent for the week.
Carlos Slim, the world's richest person, lost $5 billion during the week, according to the Bloomberg Billionaires Index. Mexican lawmakers announced legislation Monday that threatens to rein in the country's telecommunications monopolies, raising the possibility of a breakup for Slim's America Movil SAB.
The stock plunged to its lowest price in almost four years. The 73-year-old is worth $67.8 billion - $184 million ahead of Bill Gates. The wealth gap between the billionaires is the closest it's been since the index debuted in March 2012.
"It looked like we were oh-so-close. We didn't make it and gave up some ground," said Walter "Bucky" Hellwig, who helps manage $17 billion at BB&T Wealth Management in Birmingham, Alabama. "It's a given that we're going to get a new high on the S&P. The question is: What happens after that?"
The S&P 500 climbed Thursday to within two points of its record closing level of 1,565.15, set in October 2007, closing yesterday at 1560.70, up 0.6 per cent for the week.