China’s second-richest man among world’s 5 biggest single-day wealth losers
China’s second-richest man Zhong Shanshan was among the world’s five biggest wealth losers on Tuesday after US$578 million was wiped away from his fortune.
Zhong, China's second-richest man, experienced a 1% decline in net worth, placing him at fifth on the list of the world's wealthiest individuals, according to Forbes' real-time data. Indian retail magnate Radhakishan Damani witnessed the most significant loss among the top five, with an $866 million drop in wealth. Shares of Damani's company, Nongfu Spring, the largest packaged water firm in China, fell by 1.5% at the time of publication.
The company's revenue growth in the first half of the year was 16%, but it was slower than the same period last year due to weaker consumer spending and changing consumer trends, as reported by Shanghai-based City News Service. The largest wealth loser globally on Tuesday was Dell Technologies chairman Michael Dell, who lost $1.8 billion.
Following him in the rankings were U.S. internet service company EchoStar chairman Charles Ergen, who saw his fortune shrink by $1.2 billion, and India's software company HCL Technologies chairman emeritus Shiv Nadar, who recorded an $883 million decline in wealth.
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