The world’s richest people lost another $173b on Monday

Wang had plenty of company: the world’s richest 400 people lost a collective $124 billion in Monday’s market correction, according to the South China Morning Post.

This drop can be seen in Bloomberg Billionaires Index which has famous names such as Ivan Glasenberg ofGlencore as well as Warren Buffet, the drop is being called the biggest drop since September of 2014.

Mainland Chinese billionaires lost more than $14 billion on Monday collectively or 6 percent of their total net worth.

“For them that’s a fractional percentage, even though $182bn is a big number”, said John Collins, director of investment advisory at Aspiriant, which oversees more than $8bn for wealthy clients. A decline of US$76 billion on Friday had put their fortunes into the red for the year-to-date. They’re now down $74 billion in 2015, with a collective net worth of $3.98 trillion.

The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Glasenberg’s fortune has decreased more than 40 per cent in 2015, to $3.1 billion. The world’s 39th-richest person became $467m wealthier, elevating his net worth to $18.9bn.

Wang Jianlin saw US$2 billion wiped from his stake in Dalian Wanda Commercial Properties Co, according to the Bloomberg Billionaires Index, after the Hong Kong-listed property developer tumbled 17 per cent to its lowest level since it went public in December.

Asian billionaires shed a fifth of their wealth in the past three months and $54 billion since the start of trading on Friday. The yen climbed to a six-week high against dollar on Monday, the biggest gainer among 15 major currencies.

The Chinese stock market experienced its biggest slump in eight years on Monday, and the market took several of the world’s billionaires down with it. Each net-worth figure is updated every business day at 5.30pm in New York (5.30am, Singapore time) and listed in US dollars.