Worldwide Markets Lost More than $2 Trillion

The U.K.’s referendum to leave the European Union was a costly decision in more ways than one.

Worldwide markets hemorrhaged more than $2 trillion in paper wealth on Friday according to data from S&P Global, the worst on record.

Brexit is the biggest global monetary shock since 2008. This could be the tipping point that turns the existing global slowdown of 2016 into a global recession.

Since Brexit became a catchphrase for markets, risk-averse investors have destroyed vast sums of wealth in fear of the potential shockwaves that could ripple through the global economy.

In dollar terms, Friday’s loss overtook the previous record from Sept. 29, 2008, the day when Congress rejected a $700 billion bailout package for Wall Street during the financial crisis. On that day, global markets lost $1.94 trillion.