Think you've experienced the pain of investment losses? Everything being relative, the net worth of Carlos Slim, the world's richest man according to the Bloomberg Billionaires Index, dropped an astounding $478.4 million in a day. As of March 2, his total net worth was $68.5 billion, making his one-day loss much less significant as it relates to his overall wealth.
Predictably, Bill Gates and Warren Buffett were second and third on the list of the 20 richest individuals in the world. The list is updated at 5:30 p.m. every day in New York, based on economic and market conditions.
Overall, Slim's fortune grew 11 percent in 2012. He's the 72-year-old Mexican who controls telecommunications provider America Movil SAB. Gates, co-founder of Microsoft, also saw his net worth increase by 11 percent so far this year to $62.4 billion on March 2. Buffett, chairman of Berkshire Hathaway, saw an increase of 2.4 percent this year to date. Combined, the net worth of all 20 billionaires was $676.8 billion. Nine on the list, including three from the family of Wal-Mart founder Sam Walton, are Americans.
In this still-volatile market, it's not easy to ignore the day-to-day predictions about the direction of the global economy. (Greece, anyone?) But sticking to a well-diversified plan and remembering that even the superwealthy suffer investment losses will help keep you focused on the long term.
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