Finally, Britain has voted to leave the European Union (EU). This has been abbreviated simply as Brexit. Since the vote, many things have happened. The pound has fallen against the dollar. There have been reports of some businesses wanting to move from the country. The international stock market has been affected. Britain itself seems to be in a confusion state. The British public is not sure whether they made a good choice by voting to leave the EU.
But amidst confusion and chaos, there are some people who have severely affected by the exit, the few rich people among us. The few rich among us are the people who have been hoarding the wealth of the world, making sure that many of us continue to wallow in poverty, while they continue to make it on the front pages of the Fortune and the Forbes Magazines.
According to the Bloomberg Billionaires Index, currently, the net worth of the world’s 400 richest people stands at $3.9 trillion. Since Brexit, there has been a loss of about 3.2% of this reserve wealth. Below is the chart of the index we sourced from Bloomberg. It shows the sharp fall after Britain voted to leave the EU.
Among the billionaires believed to have been affected include Amancio Ortega, Europe’s richest person who is said to have lost about $6 billion. Two Americans, Microsoft founder Bill Gates, and Amazon magnate, Jeff Bezos are also said to have $1 billion each.
According to Bloomberg, Briton’s billionaires lost a combined $5.5 billion. Britain’s wealthiest person, Gerald Cavendish Grosvenor, lost more than $1 billion. It is said British co-founder of stockbroker Hargreaves Lansdown, Peter Hargreaves lost the most. His fortune reportedly shrunk by 19% to US$2.9 billion. In total, about 15 richest people in the Kingdom lost a total $5.5 billion.
Before the decisive vote to leave the EU by Britain, Hargreaves was said to be the largest donor to the Leave campaign. It is estimated that he donated more than $3.7 million to the Leave campaigners.
And despite the current situation, Hargreaves has shown no regret. He said he is ready to work with the British government to shape the country’s economic future once the country stops being an EU member state.
Hargreaves was quoted by TR English News as saying: “I have enormous experience of business, enormous experience of negotiation, enormous experience of economics, and I’m one of Britain’s most successful businessmen. If they don’t involve me, they’re crazy.”
The Brexit vote has sent European markets into the steepest decline since 2008. The British pound plummeted to a record low not seen since the early 1980se
According to some observers, Brexit will severely disrupt the International Capitalist order. This is simply because its founding member, Great Britain, is in crisis and is likely to fall into a deep recession in the days ahead.
A fellow at the Washington-based Brookings Institution, Thomas Wright told Bloomberg in an interview: “Brexit is the greatest blow to the liberal international order since it was founded after World War II. The order has faced threats before but to have one of its founding members cut and run, chasing the siren call of nationalism, is a real blow.”
According to sources we’ve gathered, the heavy blow suffered by the super rich because of Brexit, has made some of the billionaires resort to mainstream media, spreading propaganda that the Kingdom of Britain will collapse as a result of the decision. It is believed that these rumors and fear-mongering in the media are engineered to get Britain to possibly reverse its decision; thus, the businesses of the rich can continue to thrive.
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