World’s richest lose $8 billion as markets fall

Mukesh Ambani’s fortune fell $1.4 billion, dropping his net worth to $23.9 billion. The chairman of Mumbai-based 
Reliance Industries, operator of the world’s biggest oil-refining complex, is 16^th on the Bloomberg Billionaires Index, a daily ranking of the world’s wealthiest people. The 54-year-old mogul was 14^th on the list a week ago.

Global markets fell on news that manufacturing in Europe and China contracted and sales of new US homes fell in February. Hong Kong’s Hang Seng Index fell three per cent during the week to close a 20,668.80. The Standard & Poor’s 500 Index lost 0.5 per cent, closing yesterday at 1397.11.

Li Ka-shing, Asia’s richest man, lost $1.2 billion as shares of his Hong Kong-based Cheung Kong Holdings declined 7.23 per cent during the week. The billionaire, 83, has a net worth of $24.3 billion, making him the world’s 14^th richest person.

European retail magnate Bernard Arnault lost almost $2 billion after shares of his LVMH Moet Hennessy Louis Vuitton SA fell 5.2 per cent in Paris trading this week. Arnault, 63, ranks fifth on the index with a net worth of $42.3 billion.

Brazil’s Eike Batista, 55, whose commodity empire includes a majority stake in OGX Petroleo & Gas Participacoes SA, saw his fortune decrease 4.6 per cent to $26.8 billion. OGX fell 4.5 per cent yesterday after reporting lower-than-expected output. Batista’s fortune is up 19.3 per cent, or $4.3 billion, this year.

Sheldon Adelson, chairman and chief executive officer of casino operator Las Vegas Sands, saw his fortune rise $375 million. He’s now the 11^th-richest person on the index with a net worth of $26.3 billion.

Carlos Slim, the 72-year-old telecommunications tycoon who controls Mexico’s America Movil SAB, remained the world’s richest man with a net worth of $69.2 billion. He lost $210 million during the week.

Microsoft co-founder Bill Gates, 56, ranked second with a net worth of $63.1 billion. Warren Buffett, 81, is worth $45.5 billion, up $26 million for the week. He ranks third. The world’s three richest are up a combined $17.4 billion year to date.

Stefan Persson, 64, chairman of Swedish clothing giant Hennes & Mauritz AB, is worth $24.6 billion and may get richer next week.

Twelve analysts covering the company have an average estimate of 1.91 Swedish krona ($0.28) a share, which would be 21 per cent higher than the first quarter in 2011.