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  Home > World Business


Brazil's Biggest Fortunes Plunge $6.2 Billion in Temer Crisis


Photographer: Patricia Monteiro/Bloomberg

 


 May 19th, 2017  |  09:29 AM  |   610 views

BRAZIL

 

Reports of fresh political corruption crushed asset values in Brazil and cost the country’s 16 richest people $6.2 billion Thursday, according to the Bloomberg Billionaires Index. Stocks, bonds and the real fell sharply after O Globo newspaper reported on leaked testimony that President Michel Temer had approved hush money for Eduardo Cunha, the mastermind behind the impeachment of former president Dilma Rousseff.

 

The country’s Ibovespa Index tumbled 8.8 percent and the real dropped the most since 2008. The fall cut the year-to-date gains for the 16 billionaires to 10.6 percent from a high of 15.8 percent Tuesday. Despite the crisis, Temer said in a televised address at the presidential palace in Brasilia that he will not resign.

 

Banking billionaire Joseph Safra, founder of Banco Safra, had the largest drop, giving up more than $1 billion. Jorge Lemann, Brazil’s richest person and one of three billionaire partners behind private-equity firm 3G Capital, dropped $930 million. Together the billionaires behind 3G, which controls the world’s largest beermaker Anheuser-Busch InBev NV, lost a combined $1.8 billion.

 

The only Brazilian billionaire whose net worth climbed on Thursday was Facebook Inc. co-founder Eduardo Saverin, who added $159 million as shares of the social media company rose 1.9 percent.

 

The Bloomberg index is a daily ranking of the world’s 500 richest people, who have a collective $4.8 trillion and have added 10 percent to their wealth this year.

 


 

Source:
courtesy of BLOOMBERG

by Justin Villamil and Jack Witzig

 

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