World richest 500 lost $107 billion this week; here's how much Warren Buffet lost

World richest 500 lost $107 billion this week; here's how mWashington:

 The richest 500 in the world lost a combined amount of $107 billion this week, as US stock markets continued to fluctuate for four consecutive days. The total loss encountered by the world's richest 500 is more than the entire market valuation of Goldman Sachs Inc or Lockheed Martin Corp. However, it was Berkshire Hathway Chairman Warren Buffet ($3.74 billion) who lost the most out of the lot, followed by Facebook's Mark Zuckerberg ($3.71 billion) and Alphabet's Larry Page and Sergey Brin, who lost $3 billion each. Apart from the mentioned names, Spain-based Amancio Ortega took a $2.5 billion hit. In addition, several other Chinese tycoons have also encountered heavy losses due to weak global cues. 

Buffet lost $3.74 billion this week due to the market fluctuation triggered by several announcements including Donald Trump's decision to hike import duty for steel and aluminium. Buffet's loss may have been the biggest, but was closely followed by Facebook chief Zuckerberg, who lost more than three billion USD, according to Bloomberg's Billionaires Index as large caps stocks were down for four straight days.  

Facebook CEO Mark Zuckerberg faced the biggest fall after losing 3.2 billion USD as large-cap stocks disappointed for a fourth straight day, as Bloomberg Billionaires Index. Losses for Zuckerberg was followed by Spain's Amancio Ortega and Mexico's Carlos Slim, who were both down 2.4 billion USD as of 1 pm in New York. 

Apart from the billionaires mentioned above, Chinese tycoons saw a combined loss of USD 16 billion. The increasing possibility of a US Fed rate hike coupled with Trump's tariff hike plans can lead to further losses, as the move is expected to trigger a global reaction leading to a trade war-like situation.  

Stock markets in Asia on Friday extended a Wall Street rout, as investors were spooked by the spectre of a global trade war after President Donald Trump announced the United States would impose hefty tariffs on steel and aluminum imports.

Trump said duties of 25 percent on steel and 10 percent on aluminum would be formally announced next week, sparking concerns of retaliatory moves from major trade partners like China, Europe and neighbouring Canada in a blow to the global economy. 

"The world stands on the brink of a trade war as Donald Trump announces severe tariffs on steel and aluminum - forget the yield curve - this is how recessions start," said Robert Carnell, head of research, Asia-Pacific at ING In Singapore.