They say Easy Come Easy Go. For some billionaires, it has been so. They have experienced the highest fortune in the world to the bankruptcy. It is hard to imagine falling from such a height. We have to learn a lot from their experiences. They got broke because of illegal activities, fraud, and money laundering.
Having money is not everything, not having money is.
The list of 7 billionaires who are now broke:
- Sean Quinn
In 2008, he was the richest person in Ireland. But after 3 years in 2011, he was bankrupt. He is now trying to rebuild. He has a fortune of $6 billion. He has to lose the fortune because of the sharemarket crash.
2. Eike Batista
In 2002, he was considered to be the world’s 7th richest man with the estimated net worth of $30 billion. In 2013, his net worth was down to $200 million. In 2014, his net worth was in negative. At one point his Lamborghini, yacht and other cars were seized by the authority. He had lost his fortune in mining and oil and gas exploration. He is now trying to rebuild his company and says he will pay everyone’s dept.
3 Allen Stanford
He was listed on Forbes 400 in and only time in 2008 with an estimated net worth of $2.2 billion. He was arrested in June 2009 and was accused of massive fraud. He is currently serving a 110-year federal prison sentence. He was the chairman of Stanford Financial Group.
4: Elizabeth Holmes
At one point, he was the most successful businessman of India. He is the ex-chairman of United Spirits Ltd, the largest spirits company in India. He was once called the “King of Good Times” due to his extravagant lifestyle. Since 2012, his business has been in scandals in controversies. His net worth was $1.5 billion but now banks are trying to collect $4 billion for unpaid loans. He fled to the UK in 2016. On October 3, 2017, he was arrested as part of a money-laundering case in London and was released on bail.
5 Vijay Mallya
He is an Indian American businessman who went from being a taxi driver to a billionaire. He is the founder and CEO of innovations Ventures LLC which is best known for producing 5-hour Energy drink. He had a net worth of $4 billion. HIs net worth went down to $600 million when reports came about heart attack by this drink. After that in 2015, he pledged to give 99% of his wealth to charity.
6 Adolf Merckle
He was once Germany’s Richest Man with the fortune of $12.4 billion. He was hit hard by the financial recession of 2008. By May 2008, he had lost $3.6 billion and at the end of 2008, his holding company vem Group went $6 billion into debt. With his fortune completely lost, Adolf tragically committed suicide in 2009 by throwing himself in front of a train.