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How $1.4 Trillion Vanished?
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Biggest Billionaire Losers!
The vast majority of billionaires lost money this year, but these 10 are the biggest losers of all, dropping an astonishing $238 billion between them.
Of the 752 billionaires who returned to the ranks this year, 87% are poorer than a year ago. The 10 biggest dollar losers lost a combined $238 billion in the past year, more than the gross domestic product of Ireland or Israel. Still, these tycoons are worth a combined $175 billion, and half of them remain among the 10 richest people on the planet.
Anil Ambani
2009 net worth: $10.1 billion
Lost: down arrow$31.9 billion
Last year's biggest billionaire gainer is this year's biggest loser. His fortune is down $32 billion, as shares in his Reliance Communications fell by two-thirds. Number of telecom customers increased, but people used fewer minutes amid worldwide recession and India's economic slowdown; margins squeezed due to expensive expansion and increased competition. Company also took a hit when estranged brother Mukesh helped derail its merger with South Africa's MTN last July. His Reliance Power and Reliance Capital holdings fell too.
http://www.forbes.com/2009/03/10/biggest-losers-adelson-buffett-billionaires-2009-billionaires-wealth-loss_slide_2.html
Discussion started by Guitar Hype , on 08 February 12:51 PM
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