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.