Oh what difference a week makes.
Is China’s richest man still No. 1?
Last week Asia Unhedged told you that a recent survey named Wang Jianlin the richest man in China.
Well, on Monday, the Shanghai Stock Exchange Composite Index fell 8.5%. That means the chairman and founder of property and entertainment company Dalian Wanda lost $3.6 billion after global stock markets tanked, or more than 10% of his total wealth, according to the Bloomberg Billionaires Index, which tracks the world’s richest people.
Wang stole first place from Hong Kong real estate mogul Li Ka-shing, by increasing his fortune last year by $6 billion. Li moved from first to second place with a fortune of $32.8 billion. Yet, that standing may now be in question. At the end of Monday’s session, Wang ended up the day’s biggest loser, with a fortune of $31.2 billion, according to the index.