15 Billionaires Who Are Now Broke

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fifteen billionaire's who are now broke welcome to a Lux calm the place where future billionaires come to get inspired hello a Luxor's and welcome to another exciting original video presented by Alex calm today we're looking at fifteen cautionary tales of billionaires who had it all only to lose it through their own actions or forces beyond their control they say easy come easy go but that shouldn't be the case when we're talking about billions of dollars right unfortunately the saying is all too real for a number of billionaires who have seen their wealth slip through their fingers often quite suddenly before we give the former billionaires too much sympathy though we have to recognize that often the losses came as a direct result of illegal actions including fraud money laundering and other financial crimes it's a little difficult to maintain wealth when you're serving a 100 year prison sentence like a couple of people on this list others lost at all due to financial recession and volatile stock markets 2008 was definitely a rough year for many businessman who found a spot on this list Wow there's truly no hope for some of these former billionaires to get back on their feet some are trying to pick up the pieces and rebuild their once massive fortunes Kanye West said having money isn't everything not having money is we have a feeling these former billionaires know exactly what he's talking about if you're a new here welcome be sure to subscribe and follow us on instagram at a luxe okay let's dive into this one here's 15 billionaires who are now broke number one Sean Quinn in 2008 Sean Quinn was the richest person in Ireland with an estimated net worth of six billion dollars just three years later he filed for bankruptcy Quinn was the owner of the Quinn group which was very successful until the 2008 financial crisis the Quinn's were also hit hard with legal troubles on top of their financial struggle Quinn hit rock bottom in 2012 when he was sentenced to nine weeks in jail for not cooperating with the Irish bank resolution corporation and for continued asset stripping Quinn is now trying to rebuild and recently launched a new online gambling business number two a key Bautista in 2002 Eike Batista had the distinction of being the world's seventh richest man with an estimated net worth of 30 billion dollars unfortunately in the following two years the wealth of this Brazilian investor would rapidly decline in fact by 2013 his riches had dropped to 200 million dollars and were steadily falling by January 2014 his net worth was actually in the negative his oil company OGX went bankrupt in October 2013 which stands as the largest corporate default in Latin American history at one point his yacht Lamborghini and several other cars were seized by Brazil's federal police currently Batista is trying to rebuild and promises he will pay back all of his debts number three bjorgo for good Benson gurgle Thurgood Vinson was the second person from Iceland ever to become a billionaire and his son was the first he was the majority owner and chairman of the Icelandic Bank Land Bank II which was the second largest company in Iceland however in less than a year's time he went from having a net worth of 1 point 1 billion dollars to being about 675 million dollars in debt largely thanks to the global financial crisis of 2008 in 2015 the former billionaire was charged by a French Court for having misled customers and mismanaged their investments number four Allen Stanford Allen Stanford was listed on the Forbes 400 for the first and only time in 2008 with an estimated net worth of 2.2 billion dollars thanks to the success of his Houston Texas based company the Stanford Financial Group he was living it up by purchasing extravagant items like private aircraft and luxury yachts before he was arrested in June 2009 and convicted of running a massive Ponzi scheme he was also accused of massive ongoing fraud involving 7 billion dollars in certificates of deposits he's currently serving a 110 year prison sentence number five Bernie Madoff Bernie Madoff is infamous for having cheated wealthy people out of sixty four point eight billion dollars in the largest Ponzi scheme in history and the largest financial fraud ever in the United States Madoff was arrested in 2008 and found guilty of eleven felonies resulting in a 150 year prison sentence most of which the now 80 year old will never serve at the time of his arrest he had a net worth of seventeen point one seven nine billion dollars all of which was forfeited to the US government number six Elizabeth Holmes in 2015 Elizabeth Holmes was the billionaire co-owner of theranos a so-called unicorn which is a privately owned company valued at 1 billion dollars or more theranos was positioned to revolutionize health care by requiring just a pinprick of blood for testing rather than a whole vial Elizabeth was listed at the top of Forbes list of America's self-made women in 2015 with a net worth of 4.5 billion dollars but less than a year later her net worth plummeted all the way down to zero admits allegations of inaccuracy of theranos as blood tests and federal investigations into her business practices number seven vijay mallya at one point vijay mallya was one of India's most successful businessman who was referred to as the king of good times he was the chairman of United spirits limited the largest liquor company in India and he remains chairman of several other companies but his businesses have been plagued by financial scandals and controversies ever since 2012 his net worth was 1.5 billion dollars but now banks are trying to collect approximately 1.4 billion for unpaid loans while he's being investigated for financial fraud and money laundering he fled to the UK in 2016 and India is currently trying to extradite him so he can face charges for these financial crimes number 8 adolf merkel adolf merkel was once one of germany's richest men with a fortune of more than twelve point eight billion dollars like many people he was hit hard by the financial recession of 2008 by May 2008 he had lost 3.6 billion dollars at the end of 2008 his holding company vem Group went six billion dollars into debt to try and make up some losses Merkel engaged in some risky investments many of which lost him even more money with his fortune completely wiped out Adolph tragically committed suicide in 2009 by throwing himself in front of a train number nine at a birthday belong alberto Villar was the co-founder of the billion-dollar investment firm emelian though the stock market crash of 2000 wiped out a good amount of his billion-dollar fortune and the rest was depleted due to his legal troubles in 2008 he was convicted of money laundering investment advisory fraud wire fraud mail fraud and securities fraud and was sentenced to ten years in prison number ten Manoj PAGASA Manoj PAGASA is an Indian businessman who went from being a taxi driver to being a billionaire he's the founder and CEO of innovations Ventures LLC which is best known for producing the 5-hour energy drink the business gave him a net worth of four billion dollars but everything changed when reports came in of heart attacks being caused by the energy drink which resulted in stocks plummeting in 2015 this took his net worth down to around 800 million and then he pledged to give away 99% of his wealth to charity if you want to find out about another billionaire who pledged to give away 99% of his wealth click in the upper right hand corner to check out our video of 15 things you didn't know about Mark Zuckerberg number 11 o laughed on Olaf thana is a billionaire who lost his riches in a different kind of way he didn't lose it in 2008 in the financial crisis or as a result of legal trouble no he willingly gave up his fortune to his Charitable Foundation olav was once the richest man in norway having earned about 6 billion dollars through his real estate empire in 2013 he decided to pass full ownership of the olaf thon group to his Charitable Foundation although he still controls the company all profits now go toward promoting math science and entrepreneurship however he's not completely broke he still has about 200 million dollars left in the bank number 12 Femi otha Dola Femi oted ola was formerly a nigerian billionaire with a net worth of 1.8 billion dollars but over the course of a year from 2016 to 17 the majority of his wealth was wiped out when shares of the Lagos paste for oil company fell 83% oted Ola owns a 79 percent stake in the company he lost even more wealth when the Nigerian currency dropped 37 percent against the dollar in that same time frame number thirteen Quang wengie Quang when G is one of the latest billionaires whose wealth has been wiped out by volatile Hong Kong markets one g and his wife owned 75% of China Jade Ching Holdings a company that manufactures umbrellas shares in the business fell 95 percent in the matter of days mid 2017 costing Quang one point nine billion dollars this leaves him with only a little over 100 million dollars which is broke by billionaire standards number 14 Patricia clued Patricia was once married to the richest man in the world John W Klug who had five billion dollars at the time he held the title in 1990 when they divorced Patricia lost out on a great deal of the riches coming away with 1 million dollars a year in alimony but she also received the gorgeous estate of Albermarle with a 24,000 square foot home where the helipad wine grotto and stables in the Virginia countryside Patricia decided to make the best of her situation by establishing the Klug estate winery and vineyard she then took out 65 million dollars in loans with the plan to build 24 multi-million dollar houses but then the US housing crisis hit and her plans failed spectacularly she was forced to put up Albermarle for sale in 2009 for 100 million dollars but there were no buyers the home was eventually foreclosed on for fifteen million dollars she then had to sell almost all of her belongings and filed for bankruptcy after defaulting on her loans her vineyard was purchased by Donald Trump for a little more than six million dollars after she put in over 40 million dollars into the business number fifteen ramesh chandra at the height of his wealth indian businessman ramesh chandra was worth about eleven billion dollars he made the majority of as well through building middle-class homes but when the 2008 recession hit he lost 95% of his wealth in a very short time span he never recovered his wealth and in fact was convicted along with his son in 2016 for cheating investors he's currently serving a three-year prison sentence okay that list was brutal it's hard to imagine people falling from such Heights but there is much to be learned from their experiences now that we've made it through the list we'd like to know do you feel sympathy for any of these billionaires or did they have it coming let us know what you think in the comments still here here's a bonus factor thank you for sticking around as of the end of 2016 there were 2397 billionaires in the world 283 people lost their billionaire status in 2016 and 207 new billionaires were added to the list those 2397 people represent seven point four trillion dollars of the world's wealth thank you for spending some time with us a lexer make sure to subscribe so you never miss a video if you want more we hand-picked these videos you might enjoy or head over to Alex calm for the best in fine living content on the planet be a part of the largest community of luxury enthusiasts in the world and tell your story

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Channel: Alux.com

Views: 923,764

Rating: 4.5510354 out of 5

Keywords: Alux, Alux.com, Alux Youtube, luxury living, luxury lifestyle, luxury homes, luxury cars, fastest cars, alux watches, fine living, most expensive things in the world, new life, most expensive, extravagant things, billionaire lifestyle, top billionaires, forbes billionaires, elizabeth holmes, vijay mallya, Sean Quinn, Eike Batista, Bjorgolfur Gudmundsson, Allen Stanford, Bernie Madoff, Adolf Merckle, Alberto Vilar, Manoj Bhargava, Olav Thon, Patricia Kluge

Id: XBqXYgfB10Q

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Length: 13min 38sec (818 seconds)

Published: Fri Dec 15 2017

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👍︎︎ 1 👤︎︎ u/AutoModerator 📅︎︎ Jan 14 2018 🗫︎ replies

Fascinating video. Pretty much gave me a justice-boner.

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