US$ 14 billion, about R$ 75.6 billion, gone in a single day. That is what Brazil's ten richest people lost together on Monday (26), according to the Bloomberg Billionaires Index, cited by G1. The sum is nearly 240 times the R$ 320 million jackpot Brazil's Mega-Sena lottery may pay out this week. The loss does not come directly out of workers' pockets, but the same market crash pushed the dollar sharply higher, which weighs on fuel and food prices in the coming weeks.
The losses came in the first trading session after President Luiz Inácio Lula da Silva (PT) won reelection. The Ibovespa, the main index of the B3, Brazil's stock exchange, closed down 13.88% after plunging more than 10% in the opening minutes. According to Bloomberg, it was the largest combined one-day loss for this group since the ranking was created in 2012.
How it works: the early plunge triggered the so-called circuit breaker, a mechanism that halts trading for a few minutes when the market falls too fast. The pause is meant to calm investors and prevent panic selling. This time, it was not enough to stop the rout.
Banking billionaires hit hardest
The biggest loser was André Esteves, founder of investment bank BTG Pactual: US$ 3.7 billion, roughly R$ 20 billion, was wiped from his net worth. The drop equals 24% of his fortune, now estimated at US$ 12 billion (R$ 64.8 billion). BTG shares fell 24.83% on the day.
David Vélez, founder of Nu Holdings, the company behind digital bank Nubank, lost about US$ 2.3 billion (R$ 12.4 billion). Vélez is Colombian, but Brazil is Nubank's main market. Brothers Pedro and Fernando Moreira Salles, shareholders of Itaú Unibanco, Brazil's largest private bank, lost US$ 3 billion (R$ 16.21 billion) together.
Combined, the four banking billionaires lost about 16% of their wealth in one day, leaving their joint fortune at an estimated US$ 45.6 billion (R$ 246.4 billion). Even those who left the sector were hit: João and Walter Moreira Salles, who sold their Itaú stake in 2022 and now invest in mining and in Alpargatas, maker of Havaianas flip-flops, lost US$ 1.2 billion (R$ 6.48 billion).
For ordinary Brazilians, the figure that matters most is a different one: the dollar. The U.S. currency jumped 8.21% on Monday, to R$ 5.4027, its biggest daily rise since January 1999, according to Agência Brasil. A weaker real makes gasoline and imported goods more expensive.
Magazine Luiza led the declines
The day's steepest fall came from retailer Magazine Luiza: 58.23%. In practice, anyone holding R$ 1,000 in the retailer's shares on Friday was left with just over R$ 400 by Monday's close. Vamos (-56.79%) and Hapvida (-54.93%) rounded out the worst losses, according to G1.
Among banks, Banco do Brasil shares fell 27.31%, Bradesco dropped as much as 21.70% and Itaú lost 13.66%. The so-called blue chips, shares of the largest and most traded companies such as Petrobras and Vale, moved in different directions during the session.
On Tuesday (27), the market showed signs of settling: the dollar fell back 1.07%, to R$ 5.349, and the Ibovespa slipped a further 0.51%, to 175,710 points, according to Agência Brasil. For the billionaires, Monday's losses exist on paper and only become real if the shares are sold, which means they could be reversed if the market recovers.