Congratulations, We’ve Turned One Percentism Into a Sport
- Joshua M Brown
- March 7th, 2012
Here's the new, new national pastime, encapsulated in a Bloomberg story this morning:
The 20 richest people on Earth lost a combined $11.3 billion yesterday as global markets fell after European economic growth slowed and investors weighed Greece’s chances of getting bondholders to accept a debt swap...
Lakshmi Mittal, chairman and chief executive officer of ArcelorMittal (MT), the world’s largest steel company, fell from the ranking after his fortune dropped $918 million, or 4 percent. Shares of ArcelorMittal declined 5.5 percent in Amsterdam trading. Mittal, 61, is now the 21st-richest person in the world with a net worth of $22.3 billion.
Replacing him in the index is Italy’s Michele Ferrero, whose $22.5 billion fortune makes him the world’s 18th-richest person.
This is awesome! It's like ESPN for robber barons! Somebody get on the horn with India, wake up Lakshmi Mittal and tell him he's off the list as of last night. I don't know how he'll ever get laid again. And the look on people's faces at the country club this weekend....oh my god it's just too much to bear.
21st richest?!?!?!?!? What a f*cking loser!
The Bloomberg real-time wealthiest people index is a treasure, a perfect signpost of modern times. If only they'd make it an app so we can track this stuff on the go - then we'd be all set.
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.