Prince Alwaleed escapes China crisis

Saudi billionaire one few of a his rich peers to escape without a loss
Prince Alwaleed escapes China crisis
By Neil Halligan
Wed 26 Aug 2015 12:06 PM

On a black day for the world’s billionaires, where 400 of the world’s richest people had $124 billion wiped off their collective fortunes, Saudi Prince Alwaleed escaped unscathed according to the latest figures.

Bloomberg’s Billionaires Index, which ranks the world’s richest people based on market and economic changes, shows that Prince Alwaleed’s wealth remained intact, with no loss or gain recorded during the worst of the China crisis hit. The figures actually show the self-made billionaire has grown his wealth by $1.4 billion (5.3 percent) so far this year and even increased his fortune by $81.9 million in the last 24 hours.

Monday saw the wealth of 24 billionaires drop by more ten-figure sums, with Microsoft’s Bill Gates dropping $3.2 billion and Amazon founder Jeff Bezos losing $2.6 billion. Asia’s richest person, Wang Jianlin - chairman of China's largest real estate developer Dalian Wanda Group, lost $3.6 billion on Monday.

China's central bank attempted to calm the recent turmoil in the country’s stock markets by cutting its key lending rate by 0.25 percentage points to 4.6 percent.

The dramatic losses and volatility in China have led to sharp falls in Asia and the US over the past days.

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