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Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.<br/>CNN reports that United States stocks dropped on <br/>April 12 amid rising tensions in the Middle East pushing <br/>traders to seek safe havens like gold and bonds.<br/>CNN reports that United States stocks dropped on <br/>April 12 amid rising tensions in the Middle East pushing <br/>traders to seek safe havens like gold and bonds.<br/>By mid-afternoon, the Dow had fallen <br/>1.4%, the S&P 500 went down 1.6%, <br/>and the Nasdaq dropped 1.8%.<br/>The dip came after the White House announced <br/>that both the U.S. and Israel are on alert for <br/>a potential attack by Iran or its allies.<br/>The dip came after the White House announced <br/>that both the U.S. and Israel are on alert for <br/>a potential attack by Iran or its allies.<br/>The warning comes after Iran <br/>accused Israel of a deadly airstrike <br/>on a consulate in Damascus, Syria. .<br/>The news also sent oil prices up amid <br/>fears of regional tensions escalating <br/>as a result of the ongoing war in Gaza. .<br/>The news also sent oil prices up amid <br/>fears of regional tensions escalating <br/>as a result of the ongoing war in Gaza. .<br/>Brent crude futures jumped up to $90.42 <br/>a barrel, and West Texas Intermediate crude <br/>futures increased to $86.65 a barrel.<br/>Those geopolitical concerns and subsequent <br/>rising oil prices sent investors to safe havens like <br/>gold futures, which rose to $2,379 a troy ounce.<br/>Those geopolitical concerns and subsequent <br/>rising oil prices sent investors to safe havens like <br/>gold futures, which rose to $2,379 a troy ounce.<br/>CNN reports that Americans' opinions of <br/>the economy have dipped in the past few <br/>months amid persistently high inflation.<br/>The geopolitical fears come as investors are already <br/>contending with concerns that the Federal Reserve could <br/>wait to bring interest rates down from a 23-year high.<br/>Officials at the Fed have signaled that further rate <br/>hikes could still be on the way if the central <br/>bank's efforts to fight inflation stall.
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As China’s stock market goes, so goes its billionaire population. And last year was not a good year for many Chinese stocks. As a result, the number of mainland Chinese billionaires on Forbes’ World’s Billionaires list fell for the third consecutive year. A total of 406 Chinese billionaires made the ranking, down from 495 a year ago and a record 626 in 2021. Continued fallout from the pandemic and geopolitical tension drove down stock prices and hurt economic growth in the world’s second largest economy. A deepening slump in the country’s property market also diminished fortunes.<br/><br/>Still, mainland China has the second largest number of billionaires globally, behind only the U.S., which has 813 billionaires this year.<br/><br/>Mainland China doesn’t include passport holders from Hong Kong or Macau, whom Forbes lists separately. Counting those billionaires, greater China has 473 members, down from 562 in 2023, 607 in 2022 and 698 in 2021.<br/><br/>The Forbes World’s Billionaires list is a snapshot of wealth using stock prices and exchange rates from March 8, 2024. Some people become richer or poorer within days of publication. We list individuals rather than multigenerational families who share fortunes, though we include wealth belonging to a billionaire’s spouse and children in certain cases, namely if that person is the founder of the fortune. For Russian billionaires, fortunes were calculated using ownership structures from February 2022, prior to Russia’s invasion of Ukraine and before many made transfers of assets to managers, friends and others in an effort to protect their holdings from sanctions. We value a variety of assets, including private companies, real estate, art and more. We don’t pretend to know each billionaire’s private balance sheet (though some provide it). When documentation isn’t supplied or available, we discount fortunes. For daily updates of net worths, go to forbes.com/real-time-billionaires.<br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/russellflannery/2024/04/02/the-10-richest-chinese-billionaires-2024/?sh=7eb8b36d6b40<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneu
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