Charles Schwab, the billionaire founder of the eponymous discount broker, has seen his wealth plunge the most as pain spreads across the banking world following the collapse of SVB Financial Group.
Mr Schwab, 85, has had $2.9 billion erased from his fortune since March 8, the steepest drop since he appeared on the Bloomberg Billionaires Index a decade ago.
His net worth is down more than that of any other US billionaire this year and now stands at $9.99 billion, making him the world’s 183rd-richest person.
Shares in his eponymous broker are down 32 per cent since Wednesday’s close, including a 12 per cent decline on Monday, as traders assess which institutions might be at risk from the forces that felled SVB.
Similar to the California lender shut by regulators on Friday, the broker has a large investment securities portfolio and significant paper losses in its held-to-maturity books.
Unlike SVB, most of Charles Schwab’s customer deposits are insured.
Mr Schwab’s 23 per cent wealth decline since March 8 is rare among billionaires in the typically staid finance industry.
The three-day wipeout has only been exceeded three times by those billionaires who Bloomberg classifies as making their money through finance: Dan Gilbert, the founder of Rocket Cos, who lost 37 per cent in March 2021; Pollyanna Chu, formerly Hong Kong’s richest woman, whose fortune plunged 31 per cent in early 2018; and Leaf Hua Li, the founder of Futu Holdings, who saw 24 per cent of his wealth wiped out in April 2021.
The majority of Mr Schwab’s net worth comes from his stake of about 6 per cent in the broker he founded in 1971.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
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The%20specs
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Schedule in UAE time
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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- 5 wins in 22 months as pro
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Director: Ridley Scott
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THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
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Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
