Weekend Economists Escape to Cuba March 15-17, 2013

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25. World’s Wealthiest Lose $18 Billion as Gates Chases Slim

http://www.bloomberg.com/news/2013-03-15/world-s-wealthies-lose-18-billion-as-gates-chases-slim.html

The 100 wealthiest people on the planet dropped $17.9 billion from their collective net worth this week after the Standard & Poor’s 500 Index fell short of hitting an all-time high.

Carlos Slim, the world’s richest person, lost $5 billion during the week, according to the Bloomberg Billionaires Index. Mexican lawmakers announced legislation Monday that threatens to rein in the country’s telecommunications monopolies, raising the possibility of a breakup for Slim’s America Movil SAB (AMXL).

The stock plunged to its lowest price in almost four years. The 73-year-old is worth $67.8 billion -- $184 million ahead of Bill Gates. The wealth gap between the billionaires is the closest it’s been since the index debuted in March 2012.

“It looked like we were oh-so-close. We didn’t make it and gave up some ground,” said Walter “Bucky” Hellwig, who helps manage $17 billion at BB&T Wealth Management in Birmingham, Alabama. “It’s a given that we’re going to get a new high on the S&P. The question is: What happens after that?”