Billionaire Charles Schwab’s Fortune Is Slammed by SVB Fallout
Founder of the eponymous discount brokerage has seen his wealth drop more this year than any other US billionaire.
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Charles Schwab, the billionaire founder of the eponymous discount brokerage, has seen his wealth plunge the most ever as pain spreads across the banking world in the wake of SVB Financial Group’s collapse.
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 any other US billionaire this year and now stands at $10 billion, making him the world’s 183rd-richest person.