Billionaires Who Lost Billions

Tuesday, Aug 18, 2020, 7:29 pm

By:Tony Williams

1.Bernard Arnault

This guy owns the likes of Louis Vuitton, but he has lost billions in the last year due to changes in the way that his company is structured. They have also altered how his wealth is calculated and it meant he slipped from the fourth richest person in the world to tenth basically overnight.

2.Lakshmi Mittal

This guy has lost billions in the space of a single year thanks to there being a number of issues with his steel business. At one stage he was one of the biggest players in this industry, but he ran up a loss and that led to him losing billions almost immediately. He is still worth a lot of money, so do not feel that sorry for him.

3.Anil & Mukesh Ambani

These guys are brothers and they both lost billions between them when the Rupee crashed after they combined their two companies. One of them ended up losing over $5 billion of his personal fortune at the rate of just over $1 billion a month and that is one scary thing to envision for most people.

4.Ingvar Kamprad

This is the guy that created Ikea and he recently lost $17 billion. However, he lost it because lawyers managed to prove that the money did not belong to him, but rather his foundation, so it was moved between bank accounts. Even though he is still linked to that cash it is still the case that it no longer belongs to him personally.

5.Alberto Vilar

This guy has not only lost billions, but he has also been in trouble with the law. He was found guilty of fraud and it led to him being jailed for a total of 9 years after swindling people out of millions when his business was in major trouble due to the bubble bursting with technology a number of years ago.

6.Bill Gates

This is probably going to surprise people, but Bill Gates is not as rich as he should be. The reason as to why this is the case is simply because he has given away so much money to charity that he has, in effect, lost billions, The only good thing is that he has done so in a controlled manner, so he will not feel too bad about it.

7.Yasumitsu Shigeta

One of the surprising things about this guy is that due to the nature of his telecom business his fortune can actually fluctuate by billions in just a single day. This means he is constantly making and losing billions on a daily basis and that must be one scary thought when you never know what you are going to be worth when you wake up.

8.Eike Batista

This Brazilian oil baron has lost almost everything and that amounts to almost $35 billion in just a couple of years. He was a major player in so many industries, but they have all basically collapsed now and that in itself has led to him pretty much becoming bankrupt in next to no time.

9.Masayoshi Son

At one point this guy was reported worth $78 billion, but when the Internet bubble burst in 2004 it saw the value of his company drop by 98%. This is the most amount of money lost by an individual in the history of the world, but he is still the second richest man in Japan, so he is hardly struggling for money.

10.Sean Quinn

This guy used to be worth $6 billion, but when the property market in Ireland went bust, so did he. The reason why this happened was that he put a huge amount of his money into a bank that was tied to the construction industry, so when that industry collapsed so did the bank and he lost out in a very big way indeed.

11.Allen Stafford

This guy was a billionaire, but he is now in jail due to fraud. This was simply because he made money via a Ponzi scheme and he is now serving a sentence of 110 years after raking in huge sums of money that just did not really belong to him at all.

12.Bjorgolfur Gudmundsson

This Icelandic billionaire is now worth basically nothing. He was heavily involved in the Icelandic banking system, but that broke down and he was left with a huge amount of debt to his name and had to file for bankruptcy with all of this happening in a very short period of time.

 Share on facebook

Share on twitter

 

Related Content