The escalating tension between China and US had its effect on the US Stock Markets, which plunged to a lowest level falling nearly 3 per cent on Monday. The world's wealthiest people lost $117 billion in Monday's market plunge. This was recorded as the biggest single-day drop by US stocks this year, which in turn hit the world's 500 richest individuals personal fortunes including Reliance Chairman and Managing Director Mukesh Ambani.

Indian businessman Mukesh Ambani who is one among the 21 members of the Bloomberg Billionaires Index, lost $2.4 billion and Amazon.com Inc. founder Jeff Bezos lost $3.4 billion. The total loss was at $1 billion where the wealthiest 500 people on earth lost 2.1% of their collective net worth on Monday as US stocks plunged.

Despite the huge loss Amazon.com Inc. founder Jeff Bezos remained the richest person on the planet with $110 billion while Mukesh Ambani was fourth in the list. (With inputs from Bloomberg)

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