China’s richest man, Wang Jianlin, loses $3.6 billion in one day


China’s wealthiest man lost $3.6 billion in a single day after global stock markets reached all-time low and Chinese markets erased all his gains for the year.

Wang Jianlin, the Chairman and founder of Dalian Wanda witnessed in shock how more than 10 percent of his total wealth disappeared.

Shanghai shares on Monday collapsed by 8.49 percent, the biggest daily loss since 2007, sparking a vast sell-off in global financial markets as concerns mounted that a slowdown in the world’s second-largest economy could hurt global growth.

Wang Jianlin was the biggest loser at the end of trading on Monday, according to the Bloomberg Billionaires Index, which tracks the world’s richest people.

Despite the loss, his wealth has increased by $6 billion this year. China’s second richest person Jack Ma, founder of e-commerce giant Alibaba, lost only $545 million on Monday, according to the index.