Widely reported on mainstream media outlets was the billions lost during the U.S. election day sell-off by the world’s richest people. The UK’s Sun has reported in particular and in a joking way, that Mexico’s richest people have lost enough money since the U.S. election to build Donald Trump’s proposed border wall.
The world’s richest people across the world lost more than USD $56b as a result of Trump’s surprising win, Bloomberg has reported.
The markets are being hit the hardest in Mexico, where the Mexican peso sold off to less than 20 peso per the dollar. Mexico’s richest man Carlos Slim has lost a reported USD $5.1b in the midst of the sell-off.
Pre-election the Mexican peso was hovering around the 17-18 peso handle to the dollar. However, as of today the currency sits around the 20.50 mark, good enough for a 10% or so decline against the dollar since the U.S. elections.
One-month USD/MXN chart. Showing the peso sell-off after the U.S. elections on November 8th.