China Billionaire With Canal Dream Confronts Biggest Loss of ’15
The Chinese billionaire using his personal fortune to help fund a $50 billion Nicaraguan challenger to the Panama Canal has crashed into the bitter reality of equity markets in the world’s second-largest economy.
Telecommunications entrepreneur Wang Jing, 42, was one of the world’s 200 richest people with $10.2 billion at the peak of the Chinese markets in June, according to theBloomberg Billionaires Index. His net worth has since fallen to $1.1 billion.
His 84 percent drop so far in 2015 is the worst recorded by the index, which provides a daily ranking of the world’s 400 richest people. Ivan Glasenberg, chief executive officer of Baar, Switzerland-based Glencore Plc, had the second-biggest percentage decline, falling 66 percent to $1.8 billion.
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