| Without any doubt, the Global Economic Crisis tumbled the markets and currencies all over the world making 2008 a dreadful year for world’s wealthiest entrepreneurs and investors. The Business Sheet and Forbes have tailed a list of 20 global moguls who have gotten creamed in the recent economic collapse.
According to a survey, the wealth of America’s millionaires has decreased by one third in this financial crisis, only 36% of them think that their financial advisors have performed well during the crisis.
Although dozens of world’s wealthiest people lost there billions but below I list some of the famous personalities who proved to be major flops during the global crisis. |
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Anil Ambani
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March net worth: $42 billion
Current net worth: $12 billion
The biggest billionaire and owner of vast Reliance Empire was among the biggest gainer by last March but now he is acclaimed to be the year’s biggest loser with a lost of $30 billion in the past nine months. |
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Sheldon Adelson
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Wealth lost in 2008: $24 billion
Casino mogul Sheldon Adelson’s fortune has fallen $24 billion since the beginning of 2008 as the shares of his company Las Vegas Sands Corporation dropped up to 95% during the year, as global crisis brought Chinese gambling down. The casino mogul is heard to be investing $1 billion of his own cash to strengthen the company’s balance sheet. |
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Warren Buffet
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Wealth lost in 2008: $16.5 billion
Warren E. Buffett is the chief executive of Berkshire Hathaway and his company stock is down 26% this year on broad economic concerns. |
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Bill Gates
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Wealth lost in 2008: $12.3 billion
Microsoft stock is down 45% this year but still Gates remains one of the three richest men in the world at the end of 2008. Gates, who topped Forbes magazine’s on list of the richest men in the United States, some months back, with an estimated $57 billion fortune thinks these crisis teach us a lot. |
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Kirk Kerkorian
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Wealth lost in 2008: $11.9 billion
Kirk Kerkorian earned his fortune by developing real estate and hotels in Las Vegas. He is well remembered for buying and selling MGM movie studio three times over. After the economicla recession this 91-year-old investor recently disclosed he sold a large portion of his shares of Ford at a significant loss. Kerkorian’s largest investment, a 53% stake in casino outfit MGM Mirage, is down 87% this year. |
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Larry Page
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| Wealth lost in 2008: $11.9 billion
The Google co-founder is reported with the loss of $12.1 billion for the year. Larry Page have lost roughly half of their net worth since January, solely due to the volatile moves of the stock market. |
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Larry Ellison
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| Wealth lost in 2008: $8.2 billion
Ellison has watched his shares of software giant Oracle fall 28% in the last 11 months. The titan’s other public holding, NetSuite, is down 79% this year. |
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Steve Jobs
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| Steve Jobs, CEO of Apple and a major Disney shareholder, suffered with the shares of Apple down 55%, since the beginning of the year. So, how much has he lost from his stakes in both companies… $2.3 billion from October 2007 to mid-October 2008 |
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Lakshmi Mittal
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March net worth: $50 billion
Current net worth: $20 billion
Lakshmi Mittal was the wealthiest man in India according to Forbes’s till 2007 but global recession made him loose $30.5 billion when his steelmaking conglomerate ArcelorMittal increased production cuts and its stock dropped precipitously. |
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Oleg Deripaska
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March Net Worth:$28 Billion
Current Net Worth:$10 Billion
Oleg Deripaska, was the world’s ninth richest person in March and Russia’s richest man, with an estimated fortune worth $28 billion. Since then Deripaska has been forced to sell its shares and had to borrow $4.5 billion from a state-controlled bank to hold on to his stake. He will likely sell off additional assets to avoid losing even more of his fortune, now estimated at $10 billion. |
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2008 could be honored as the worst year for the global financial market. A record $73-trillion of stock market value has been obliterated this year…gosh! All these stats prove that financial world is in a mess, both in the United States and abroad.
Let’s take a deep breath, thanking that this awful year has passed and hope that we really learn from this powerful lesson it has brought us.
Do you think there is any light on the end of the tunnel … Comment to tell if you think the new government can bring any betterment to the finance market in 2009.
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2 Comments Received
January 29th, 2009 @3:14 pm
This is really interesting. While these gentlemen are CURRENTLY in a wealth stratosphere above most of the rest of us, I still believe they were just as concerned as the guy whose 401k lost $30,000. However, there is a difference. These men are CONCERNED that they lost large portions of their multi billion dollar fortunes. Many others are WORRIED that their families will lose their HOMES.
See the difference?
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