Global stock market turmoil wipes $182 billion off fortunes of world's wealthiest

The world's 400 richest billionaires are $182 billion (£116 billion) worse off following the recent turmoil in global markets, new research has shown.

Fresh evidence of a slowdown in China, the world's second-largest economy, triggered a sell-off in stock markets around the world.

Britain's blue-chip FTSE 100 index and New York’s Dow Jones entered “correction” territory, down at least 10% from highs hit earlier this year.

The biggest loser in dollar terms was Warren Buffett, the world’s third-wealthiest person, who saw $3.6 billion wiped off his fortune last week according to the Bloomberg Billionaires’ index, as shares in his Berkshire Hathaway fell more than 5%.

Ivan Glasenberg, the head of Glencore, saw the value of his holdings drop $237 million over the week as shares in the commodities giant hit a record low on Friday in London.

The collective net worth of the 400 billionaires tracked by Bloomberg is still $3.98 trillion, however.

Analysts cautioned that the week’s dramatic falls need to be put into context, especially for “value investors” such as Buffett, who is famous for holding stock in companies for the long term.

“For them that’s a fractional percentage, even though $182 billion is a big number,” said John Collins at the wealth manager Aspiriant.

“A week like this feels really bad, but when you take a step back, in a big picture view it’s not a disaster by any means.”