Forbes top-30 listed billionaire Wang Jianlin (29th) saw his wealth dissipate by a mere (!) 3.6 bln US dollars in just 24 hours, after the crash in the Chinese stock markets on Monday.
The founder and owner of property giant Wanda Group, with a personal fortune worth 31.2 bln US dollars, was “poorer” by 2 bln after his Dalian Wanda Commercial Properties Co. stock plummeted by 17 percentage points, while another 1 bln US dollars went up in smoke when his Wanda Cinema Line share lost 10 percent value.
The dynamic self-made billionaire established Wanda group in 1988 with a starting capital of 80,000 US dollars. Today his multinational company owns hundreds of malls, five-star hotels, cinema complexes and karaoke chains across the globe.
The 61-year-old real estate magnate was not the only one to lose such gargantuan amounts in such a short time. Fellow billionaires Bill Gates lost 3.2bln US dollars and Amancio Ortega, founder of Inditex SA, saw his bank account dwindle by 1.5 bln dollars, according to Bloomberg’s billionaire index.