NEW YORK, March 23 — The fortunes of the world’s 500 richest people tumbled US$71 billion (RM278.3 billion) yesterday as markets plunged on heightened prospects for a trade war.

Berkshire Hathaway Inc Chairman Warren Buffett led with a US$3.02 billion decline, followed by US$3.01 billion for Amazon.com Inc’s Jeff Bezos. Tencent Holdings Ltd’s Ma Huateng lost US$2.16 billion, the most among Asia’s richest.

Just 52 of the world’s 500 richest people added to their net worth on the day, as the Dow Jones Industrial Average sank more than 700 points, according to the Bloomberg Billionaires Index. The S&P 500 Index fell 2.5 per cent, the most in six weeks. — Bloomberg