World's richest lose $8b

The 20 richest people on Earth lost a combined $8 billion (Dh29 billion) last week as markets fell on concerns that the global economic rebound was slowing.
Mukesh Ambani's fortune fell $1.4 billion, dropping his net worth to $23.9 billion. The chairman of Mumbai-based Reliance Industries, operator of the world's biggest oil-refining complex, is 16th on the Bloomberg Billionaires Index, a daily ranking of the world's wealthiest people. The 54-year-old mogul was 14th on the list a week ago.
"Asian markets have fallen in recent days on the back of concerns that China's economy continues to slow," Mike Werner, a Hong Kong-based analyst at Sanford C. Bernstein & Co, said in a e-mail on Thursday.
"China's industrial activity disappointed last month and there has been renewed concerns about troubled loans emerging at the Chinese banks." Global markets fell on news that manufacturing in Europe and China contracted and sales of new US homes fell in February.