World's Richest Have Lost Over $1 Trillion In Stock Market Crash

The old adage “the rich keep getting richer” no longer holds true. The rarefied world of the extravagantly wealthy has lately come under serious assault with the billionaires club seeing its fortunes rapidly shrink in the ongoing stock market rout. About ten days ago, South China Morning Post reported that the world’s 500 richest people had collectively lost $950 billion in the stock markets since the beginning of the year.  The stock selloff has accelerated since then with the MSCI World Index--a market-cap-weighted stock…