The $100 billion club of the wealthy loses three members as stocks plunge
The exclusive club of tycoons worth $100 billion or more has just shrunk a bit due to the stock market’s decline.
According to statistics, there are now only 12 people in the group with a 12-digit net worth, after three previous members were removed from the list. Bloomberg Billionaires Index. Although they remain among the world’s richest people as of Sunday, the tech tycoons Jensen Hoang belong to Nvidia And Dell Founder Michael Dell and India’s second-richest man Gautam Adani both failed to reach the $100 billion mark.
The shift in the super-rich comes as September brought annual losses for stocks. Last week, all the major indexes ended the week lower, with the S&P 500 down 4.2% for the week. Uncertainty over US election and unemployment figures threatens to push stock prices lower next month
Nvidia fell 14% last week, the biggest one-day drop in history for a U.S. company. With just over 3.5% ownership of the company, Huang’s net worth has plummeted from $105 billion to $90.5 billion, according to Bloomberg.
Dell’s net worth fell about $10 billion to $96.3 billion last week, according to Bloomberg, as its shares fell on Friday amid a tech sector slump. Dell shares rose about 3% on Monday following news that the company, along with data analytics firm Palantir, would join the S&P 500.
Adani finally teetered on the brink of joining the ultra-rich with a net worth of $99.6 billion as of Sunday after India’s Nifty 50 index of the country’s largest companies posted a three-day losing streak. The index was up less than 1% as of Monday’s close.
In May, the $100 billion club grew 15 members, the highest number in history, thanks to the growth of the stock market. Among the most recognized members are Tesla CEO Elon Musk, Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg.
Among the super-rich, tech moguls like Zuckerberg and Huang stand out with the biggest gains recorded so far this year. Zuckerberg, 40, has seen his net worth soar by $50 billion so far this year, followed by Huang’s personal fortune, which has soared by $46 billion as Nvidia shares surged amid the broader AI explosion.
The total wealth of the 12 current members of the $100 billion club is just under $1.9 trillion, slightly more than Google’s market capitalization.
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