More bad news, and not only for Bill Gates…

Poor old Bill Gates. His fortune has shrunk by $18 billion (that is about R180 billion, or about a quarter of South Africa’s entire government budget) in the past year, The Times reports, leaving him with a mere $40 billion to make ends meet. Warren Buffett, the Sage of Omaha, has done even worse: his net worth has shrunk by $25 billion. Hard times in billionaireland.

But before you are overcome by schadenfreude, note this: manufacturing output in South Africa is down 11.1% year-on-year in January… the economy is tanking fast, and we are probably already in a recession. We’ll all be feeling the effect soon, if we haven’t already (as those 61% of home loan applicant who were turned down in February would attest). The only question is: for how long?

PS: Nice follo on Fin24.com, with the South African angle.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: