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By Martha C. White
November 9, 2016
Kimberly White—Getty Images for New York Times

The richest people in the world lost a collective $41 billion when global markets spasmed after Donald Trump won the U.S. presidential election.

Carlos Slim, Mexico’s richest man and the fifth-wealthiest man in the world, lost $5.1 billion alone, according to Bloomberg. The 10 Mexican billionaires on the Bloomberg Billionaires Index lost a collective $6.5 billion—and when the Mexican peso fell 12% to a record low after the results of the election, Slim lost more than 9% of his wealth.

Granted, that’s not as steep as the $212 billion the world’s wealthiest people lost in the wake of the U.K.’s Brexit vote, but it erases nearly all of the $57 billion gain this population realized when stocks rose within the past week in expectation of a Clinton victory. U.S. billionaires on Bloomberg’s list lost a combined $9.3 billion on the market’s gyrations.

“This is much bigger than Brexit,” Convergex chief market strategist Nicholas Colas told Reuters. “But it doesn’t prevent people from thinking about the Brexit playbook.” He added, though, that the Brexit-prompted slump was short-lived, and suggested that the markets would benefit from the stability of a definitive outcome in the election.

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The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

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