The coronavirus has already cost the ultra-wealthy more than $100 billion. Here's why they're likely to feel more pain from the market drops than the average American.
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- Cases of the novel coronavirus may be concentrated in China, but the stock market losses are not.
- Bernard Arnault, the chairman of Louis Vuitton parent LVMH, lost $8.8 billion from his personal net worth in the past week as reduced spending in China hurts luxury sales.
- The world's 500 richest people lost $139 billion from their collective net worths on Monday in the largest single-day drop since the Bloomberg Billionaires Index started tracking that metric in October 2016.
- The ultra-wealthy tend to be disproportionately affected by stock market routs because of their preference for riskier investments.
- Visit Business Insider's homepage for more stories.
Stocks have plummeted for a seventh straight day amid growing panic about the novel coronavirus.
The drop isn't expected to have a lasting effect on average investors, whose portfolios are expected to recover as stocks bounce back with time. Some billionaires, however, might not be so lucky.See the rest of the story at Business Insider
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