The world's richest people lost another US$124 billion on Monday

[NEW YORK] Another US$124 billion was wiped off the collective fortunes of the world's 400 richest people today as the global selloff pushed the Standard & Poor's 500 Index into its first correction in nearly four years.

Twenty-four billionaires saw their wealth fall by more than ten figures on Monday, including Bill Gates who dropped US$3.2 billion and Jeff Bezos, who fell US$2.6 billion, according to data compiled by the Bloomberg Billionaires Index. Mexico's Carlos Slim lost US$1.6 billion as his fortune fell to its lowest level since the Index began in 2012.

Sliding markets worldwide have resulted in Chinese shares sinking the most since 2007, Germany's DAX falling into a bear market, and commodities reaching a 16-year low, as Brent crude plunged below US$45 a barrel.

Last week's declines had already seen the world's 400 richest people lose US$182 billion. A decline of US$76 billion on Friday had put their fortunes into the red for the year-to-date.

The Bloomberg Billionaires Index takes measure of the world's wealthiest people based on market and economic changes and Bloomberg News reporting. Each net-worth figure is updated every business day at 5:30 pm in New York and listed in US dollars.

BLOOMBERG