Coronavirus: SA's richest collectively lose billions as market tanks

Coronavirus: SA's richest collectively lose billions as market tanks

- South Africa's mega-rich have taken a massive financial knock

- While international markets are feeling the impact of the coronavirus outbreak, Mzansi's richest have lost billions

- Reports indicate that R6 billion has been lost by the nation's wealthy elite

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The world's markets are quaking in the face of an international coronavirus epidemic.

However, a glimpse at Forbes' daily tracker of billionaire wealth has revealed the wealthy are taking a massive beating.

Their fortunes are shrinking while the global market plummets and the result is billions lost when it comes to the elite.

Briefly.co.za reported that the Rand is currently at the weakest point against the US Dollar recorded in four decades, currently sitting at over R16 to the American currency.

Bloomberg reports that the stress caused by the virus has intensified over the past few days:

“This is starting to look like it could be one of those turning points that marks a generation of investors, like the bursting of the internet bubble in 2000 or the financial crisis in 2008-2009."

READ ALSO: Explainer: Rand plunges to 40-year low against the US Dollar

Out of the 2 000 billionaires tracked by Forbes, only 35 showed any gains on Monday, with Indian billionaire Mukesh Ambani losing R89 billion in the span of a few hours.

BusinessTech reported that South Africa's wealthiest have lost a combined total of R5.9 billion in the aftermath.

Johann Rupert, luxury goods mogul, accounted for R3.5 billion of the losses recorded during this time.

Mining magnate Patrice Motsepe lost just over R1 billion in the crash, while Naspers owner Koos Bekker's wealth shrunk by R670 000.

Chemical and oil company, Sasol also took a beating during the fiasco, with its shares plummeting 45%.

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Source: Briefly.co.za

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