10 Ex-Billionaires who were voted out of the billionaires club!
Even though many people burn the midnight oil to succeed, only few of the lucky ones who eventually become billionaires are able to maintain the tempo and retain the top slot. There have been many of them who have lost everything and have reached a point of no return. Read about such ex-billionaires who lost their fortune…
10 Vince Mc Mahon
Vince Mc Mahon entered the billionaires club as he was a promoter and a wrestler in pro-wrestling circuit. However, this very event led to his downfall and his worth dropped by $ 700 million and brought him below the billionaire status. He also signed a deal with NBC Universal at an amount which was much lower than other investors had thought about and this too brought some disgrace to Vince Mc Mahon.
9 Bjorgolfur Gudmundsson
He was a former football player and made most of his money in the beverage business. Interestingly, he was the second person in Ireland to become a part of billionaires club. His fortunes hit an unusual low due to Icelandic banking crisis in 2008 as the shares fell and he had to pay for costs incurred in court as he was one of the Directors of the bank.
8 T. Boone Pickens
T. Boones entered the billionaires club owing to the riches he acquired in the natural gas business. His worth fell a little below the billion mark to around $950 million. There could be multiple reasons for the same as he is a known philanthropist and has pledged half of his wealth in charity. Moreover, the world is moving towards clean energy and demand for natural gas is going down a bit.
7 Manoj Bhargava
Manoj began his career as a taxi driver but soon climbed the ladders of success owing to hard work. He entered the billionaires club when he started a plastic product making unit that helped him take his fortunes to over $20 million.
His other fortunes came from a start-up named Living Essentials, a company that made energy beverage. However, the shares fell soon as the drug was linked to some heart attacks. However, his stocks fell to, little below the billion mark and he still is doing well.
6 Allen Stanford
Allen made most of his money by buying retail properties at low prices and then selling those off at higher gains when the market was on the downfall. Later greed overtook him and Allen committed some frauds which led to his downfall. He is still serving a 110 year term for the fraud he committed over the years.
5 Patricia Kluge
Patricia Kluge made most of her fortune owing to the alimony money she made after her divorce from media mogul John Kluge. She got over $1 million a year as alimony and her net worth was over $1 billion. However, she lost much of her money owing to bad investments and parties she did with her friends and family.
4 Olav Thon
Olav acquired his riches from his real estate and hotel business. He became the richest person in Norway in 2013 with an asset of $6 billion. His fortunes hit a low when he donated the money to his own charitable trust. His entire earning now goes into the charitable foundation though he does have a personal asset of $250 million.
3 Alberto Vilar
Alberto began an investment firm and invested largely in technology funds. However, his gains could not last long as he donated much amount to opera houses and other music related companies. However, it was later discovered that Alberto was a fraud and made these charities to cover up for his frauds.
2 Sean Quinn
Quinn earned his fortunes from various businesses including hotels, hospitals and bank investments. He in fact was the richest person in Ireland at one time. However, he invested his gains in various shares which eventually fell and he lost most of his money.
1 J.K Rowling
Rowling entered the billionaires club owing to success of her Harry Potter books and movie franchises. She however gave most of her money in charity and lost some in tax deductions that eventually led to her exit from the billionaire club.