Is it possible for a billionaire to later become broke? Yes, it is very possible. As a matter of fact, there are may of them, but we are going to look at this 5 billionaires and how they became bankrupt.
1. Adolf Merckle
Adolf Merckle was one of the richest persons in Germany 🇩🇪 with an individual wealth of around $12.8 billion. Like not many others on this rundown, Merckle was additionally hit hard by the credit crisis of 2008 in which he lost about $3.6 billion. In spite of the enormous misfortune, he despite everything stayed one of the five richest men in Germany.
Be that as it may, before the end of 2008, his investment firm - VEM faced a serious liquidity crisis and reportedly lost $6 billion dollars in misfortunes. To compensate for it, Merckle played a huge gamble by investing in a very risky business, which unfortunately caused him more money. In the wake of losing nearly everything, Merckle heartbreakingly commmited suicide when he jumped in front of a train. 🚉
2. Sean Quinn
The recession of 2008 constrained numerous organizations and rich people into bankruptcy, and one of those persons was Sean Quinn, who was at one time one of the richest people in Ireland with a net estimation of about $6 billion out of 2005. With the assistance of his holding company - Quinn Group, he bought stakes in different worldwide companies including Bupa Ireland and Anglo Irish Bank.
Not long after the financial crisis hit the Irish banking system, Sean Quinn lost practically the entirety of his family riches the majority of which is credited to the extraordinary misfortunes of the Anglo Irish bank. In 2008, one of his business Quinn protection was fined a €3.25 million by Ireland's Financial Regulator in because of insiders loan issued by Quinn insurance.
With multiple cases of liquidation litigation, corporate fines, and fraud, Quinn finally filed for personal bankruptcy in 2011.
3. Ramesh Chandra
Ramesh Chandra is an Indian businessman, who made his fortune in the land business. At the height of his riches, he bought an empire that is worth $9.2 Billion, which he made with the assistance of Unitech, India's second biggest real estate company till date.
However, in 2001, the organization engaged in a national telecom scandal for which his son Sanjay Chandra was arrested in 2011.
Because of weighty amount of heaping debts and gigantic sell-offs, Ramesh Chandra never recuperated his lost riches.
4. Patricia Kluge
Patricia Kluge was married to once the most richest man on the planet, John Kluge, who had an individual wealth of $5 billion in 1990. At the time of their separation, Patricia was left with just $1 million in divorce settlement, however she likewise got the rich bequest of Albemarle in the Virginia countryside. She took her risk and built up the Kluge home winery and grape plantation.
Patricia likewise entered the land business by taking a loan of $65 million to build more than twelve luxury houses, which later ended up being her greatest mistake. The 2008 banking and real estate crisis caused Patricia to default on her loan agreement 🤝 and had to sell her Albemarle domain alongside all her resources ownership.
Her Kluge domain winery and vineyard was bought by now President of United States, Donald Trump for $6 million.
5. Eike Batista
Brazilian businessman Eike Batista made and afterward lost multi-billion dollar fortune in mining and oil exploration industry for two decades. With $30 billion of personal riches in 2011, Batista turned into the eighth most wealthiest man on earth and the most wealthiest in Brazil. His demise as an extremely rich person started after an unexpected downturn in the mining business and the breakdown of perhaps the greatest organization OGX.
After two years in 2013, Forbes detailed that Eike Batista lost almost $20 billion in only one year alone. After a year, because of his massive loan debts and persistently falling organization stock, his own riches took an enormous dive from $200 million to negative riches.
In January 2017, Eike Batista was arrested by Brazilian authorities in a prominent $100 million money laundering scandal.
1. Adolf Merckle
Adolf Merckle was one of the richest persons in Germany 🇩🇪 with an individual wealth of around $12.8 billion. Like not many others on this rundown, Merckle was additionally hit hard by the credit crisis of 2008 in which he lost about $3.6 billion. In spite of the enormous misfortune, he despite everything stayed one of the five richest men in Germany.
Be that as it may, before the end of 2008, his investment firm - VEM faced a serious liquidity crisis and reportedly lost $6 billion dollars in misfortunes. To compensate for it, Merckle played a huge gamble by investing in a very risky business, which unfortunately caused him more money. In the wake of losing nearly everything, Merckle heartbreakingly commmited suicide when he jumped in front of a train. 🚉
2. Sean Quinn
The recession of 2008 constrained numerous organizations and rich people into bankruptcy, and one of those persons was Sean Quinn, who was at one time one of the richest people in Ireland with a net estimation of about $6 billion out of 2005. With the assistance of his holding company - Quinn Group, he bought stakes in different worldwide companies including Bupa Ireland and Anglo Irish Bank.
Not long after the financial crisis hit the Irish banking system, Sean Quinn lost practically the entirety of his family riches the majority of which is credited to the extraordinary misfortunes of the Anglo Irish bank. In 2008, one of his business Quinn protection was fined a €3.25 million by Ireland's Financial Regulator in because of insiders loan issued by Quinn insurance.
With multiple cases of liquidation litigation, corporate fines, and fraud, Quinn finally filed for personal bankruptcy in 2011.
3. Ramesh Chandra
Ramesh Chandra is an Indian businessman, who made his fortune in the land business. At the height of his riches, he bought an empire that is worth $9.2 Billion, which he made with the assistance of Unitech, India's second biggest real estate company till date.
However, in 2001, the organization engaged in a national telecom scandal for which his son Sanjay Chandra was arrested in 2011.
Because of weighty amount of heaping debts and gigantic sell-offs, Ramesh Chandra never recuperated his lost riches.
4. Patricia Kluge
Patricia Kluge was married to once the most richest man on the planet, John Kluge, who had an individual wealth of $5 billion in 1990. At the time of their separation, Patricia was left with just $1 million in divorce settlement, however she likewise got the rich bequest of Albemarle in the Virginia countryside. She took her risk and built up the Kluge home winery and grape plantation.
Patricia likewise entered the land business by taking a loan of $65 million to build more than twelve luxury houses, which later ended up being her greatest mistake. The 2008 banking and real estate crisis caused Patricia to default on her loan agreement 🤝 and had to sell her Albemarle domain alongside all her resources ownership.
Her Kluge domain winery and vineyard was bought by now President of United States, Donald Trump for $6 million.
5. Eike Batista
Brazilian businessman Eike Batista made and afterward lost multi-billion dollar fortune in mining and oil exploration industry for two decades. With $30 billion of personal riches in 2011, Batista turned into the eighth most wealthiest man on earth and the most wealthiest in Brazil. His demise as an extremely rich person started after an unexpected downturn in the mining business and the breakdown of perhaps the greatest organization OGX.
After two years in 2013, Forbes detailed that Eike Batista lost almost $20 billion in only one year alone. After a year, because of his massive loan debts and persistently falling organization stock, his own riches took an enormous dive from $200 million to negative riches.
In January 2017, Eike Batista was arrested by Brazilian authorities in a prominent $100 million money laundering scandal.
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