In this article, we will look at the 25 biggest billionaire losers in 2024. If you want to skip our detailed analysis, go directly to the 5 Biggest Billionaire Losers in 2024.
The Shift in Global Wealth
The United States has the highest millionaire population, at around 22 million, representing 38% of the total millionaires in the world. This makes the United States the country with the highest percentage of millionaires in the world. The US also remains the country with the most billionaire citizens, with 813 having a total net worth of more than $5.7 trillion, as of April 2024. The US is also one of the countries millionaires are moving to. According to a report by New World Wealth, around 3,800 millionaires are expected to move to the US in 2024 compared to 1,500 and 2,100 in 2022 and 2023, respectively.
According to the 2024 World Inequality Report by Oxfam, the world’s billionaires have increased their wealth by over $3 trillion in the last three years. The top five billionaires including Elon Musk, Larry Ellison, Jeff Bezos, Mark Zuckerberg, and Bernard Arnault own more than $1 trillion, as of September 30. These five richest men have more than doubled their fortunes from $405 billion to over $1 trillion since 2020, growing at a rate of $14 million per hour. Bernard Arnault is the only non-American among the top five billionaires. On the other side, almost five billion people have become poorer since 2020. The rich people continue to become richer while poor people continue to suffer from hardships without having access to clean water, adequate healthcare, decent housing, or education for their kids. The report suggests that to end poverty it could take up to 230 years, while the world could have its first trillionaire within a decade.
Even though the US has the largest millionaire and billionaire population, the working class in the country is living paycheck to paycheck. Over 60% of workers in the US live paycheck to paycheck and the real weekly wages for the average US worker are lower today than they were 50 years ago. Inflation and job saturation are two of the key factors affecting the lives of daily-wage workers. However, global wealth has rebounded from its 2022 drop and wealth is improving around the world with a few exceptions. The number of people living in the lowest wealth bracket has shrunk since 2008, while the rest of the wealth brackets have experienced growth, as per the 2024 Global Wealth Report by Credit Suisse. People below the wealth band of $10,000 have nearly halved between 2000 and 2023, with the majority of them moving to the second band, between $10,000 and $100,000. In 2024, people are now three times as likely to be millionaires and have wealth over $1 million, as per Credit Suisse’s report. Larry Ellison who is the second richest person in the world was once poor and is one of the richest people in the world who came from poor families.
The millionaire population is also increasing and millionaires are expected to rise from 52 countries to 56 by 2028. Taiwan is expected to have the highest millionaire growth by 2028, growing by almost 50%. Türkiye and Kazakhstan will follow Taiwan with a millionaire growth of around 43% and 37% by 2028. The next wealth shift is expected to transfer over $83.5 trillion to the next generation within the next 20 to 25 years. Over 10% of the wealth is to be transferred by women to the next generation and almost $9 trillion of the wealth will be shifted horizontally between spouses, the majority in the Americas.
Now, Let’s talk about one of the companies owned by a billionaire.
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Bernard Arnault’s LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMHF) is one of the top fashion companies in the world. The drop in Bernard Arnault’s wealth is due to a slip in LVMH’s stock over the past year. Over the past year, LVMH shares have plunged by almost 4%. As Arnault owns about 48% of the luxury conglomerate, his net worth was compromised. Since the start of 2024, Arnault’s net worth is down $30 billion, making him one of the biggest billionaire losers in 2024 so far.
During the second quarter of 2024, LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMHF) sales growth slowed as wealthy shoppers restrained from spending on pricey Louis Vuitton handbags and Christian Dior couture. Organic revenue during the last quarter only rose 1%, about half the gain expected by analysts. During the first half of the year, LVMH recorded a revenue of €41.7 billion, a drop of 1% year over year, while the organic growth was just 2% from a year ago. The company sees this as a decent development considering the uncertain geopolitical and economic environment. The company achieved growth in Europe and the US while recording a double-digit revenue growth in Japan. Bernard Arnault in the quarterly report pointed out that they are satisfied with the performance as the sales showed resilience. Here is what Arnault said:
“The results for the first half of the year reflect LVMH’s remarkable resilience, backed by the strength of its Maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty. Driven as ever by our dual focus on desirability and responsibility, we have continued to work towards achieving the targets set out in our environmental and social action programs. In a year marked by our partnership with the Paris 2024 Olympic and Paralympic Games, we are honored to share our creativity, excellent craftsmanship and deep commitment to society to make this event a resounding success and an opportunity for France to shine on the world stage. While remaining vigilant in the current context, the Group approaches the second half of the year with confidence, and will count on the agility and talent of its teams to further strengthen its global leadership position in luxury goods in 2024.”
LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMHF) owns major fashion brands and has a strong presence in global markets. LMVH has a dividend yield of around 1.85% with a strong dividend-paying history.
While we acknowledge the potential of LVMHF as an investment, our conviction lies in the belief that under the radar AI stocks hold great promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than LVMHF but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Now, let’s look at the 25 biggest billionaire losers in 2024.
Photo by Christian Wiediger on Unsplash
Our Methodology
To compile the list of the 25 biggest billionaire losers in 2024, we initially gathered the data of the top 100 billionaires from the Forbes yearly richest people list. We then accessed the change in net worth from 2023 and 2024 and shortlisted the 25 biggest billionaire losers in 2024. The 2023 net worth of billionaires was obtained from the Forbes Annual Richest List and the 2024 net worth was obtained from Forbes Real-Time List, as of September 30. The 25 biggest billionaire losers in 2024 are ranked in descending order of their net worth change between 2023 and 2024.
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The 25 Biggest Billionaire Losers, 2024
25. Lee Shau Kee
Net Worth in 2023: $29.5 Billion
Net Worth in 2024: $28.90 Billion
Change in Net Worth: -$600 Million
In 1976, Lee Shau Kee started Henderson Land Development, the property firm that makes up the bulk of his wealth. Lee experienced a slight decline in his net worth, a drop of almost $600 million. Lee Shau Kee ranks among the 25 biggest billionaire losers in 2024.
24. Miriam Adelson
Net Worth in 2023: $35 Billion
Net Worth in 2024: $34.30 Billion
Change in Net Worth: -$700 Million
Miriam Adelson inherits a majority stake in casino company Las Vegas Sands from her husband Sheldon Adelson. With a decline of nearly $700 million in net worth, Miriam Adelson is one of the biggest billionaire losers in 2024.
23. Lakshmi Mittal
Net Worth in 2023: $17.7 Billion
Net Worth in 2024: $16.7 Billion
Change in Net Worth: -$1 Billion
Lakshmi Mittal serves as chairman of ArcelorMittal, the world’s largest steel and mining company by output. Mittal’s net worth was around $17.7 billion in 2023 and has dropped to $16.7 billion in 2024. After losing $1 billion, Lakshmi Mittal ranks 24th among the biggest billionaire losers in 2024.
22. Li Ka-Shing
Net Worth in 2023: $38 Billion
Net Worth in 2024: $36.90 Billion
Change in Net Worth: -$1.1 Billion
In May 2018, Li Ka-Shing retired as chairman of CK Hutchison Holdings and CK Asset Holdings and has a net worth of around $36.90 billion, as of 2024. Li has lost nearly $1.1 billion from his total net worth since 2023 and ranks among the biggest billionaire losers in 2024.
21. Stefan Quandt
Net Worth in 2023: $24.6 Billion
Net Worth in 2024: $23
Change in Net Worth: -$1.6 Billion
Stefan Quandt owns 23.6% of automaker BMW and has a net worth of around $23 billion, which has declined from $24.6 billion in 2023. Stefan Quandt ranks among the biggest billionaire losers in 2024.
20. Low Tuck Kwong
Net Worth in 2023: $25.5 Billion
Net Worth in 2024: $23.9 Billion
Change in Net Worth: -$1.6 Billion
Low Tuck Kwong is the founder of Bayan Resources, a coal mining company in Indonesia. Low Tuck Kwong is one of the biggest billionaire losers in 2024 after losing nearly $1.6 billion from his net worth of $25.5 billion in 2023.
19. Eric Li
Net Worth in 2023: $19 Billion
Net Worth in 2024: $17.3 Billion
Change in Net Worth: -$1.7 Billion
Eric Li is the chairman of Geely Automobile Holdings, one of China’s largest automakers and today he has a net worth of over $17.3 billion. Since 2023, Eric has lost nearly $1.7 billion and ranks 19th among the biggest billionaire losers in 2024.
18. Theo Albrecht, Jr.
Net Worth in 2023: $16.5 Billion
Net Worth in 2024: $14.6 Billion
Change in Net Worth: -$1.9 Billion
Theo Albrecht Jr. and the heirs of his brother, Berthold, inherited one of the world’s great retail fortunes. Theo Albrecht has lost over $1.9 billion and has a net worth of around $14.6 billion in 2024.
17. Len Blavatnik
Net Worth in 2023: $32.1 Billion
Net Worth in 2024: $30.10 Billion
Change in Net Worth: -$2 Billion
Len Blavatnik lost around $2 billion and is one of the biggest billionaire losers in 2024. Blavatnik’s early fortune comes from Russian oil company TNK-BP and in 2011 he purchased Warner Music for $3.3 billion.
16. Andrew Forrest
Net Worth in 2023: $19.6 Billion
Net Worth in 2024: $16.5 Billion
Change in Net Worth: -$3.1 Billion
Andrew Forrest founded Fortescue Metals Group in 2003. In 2023, Forrest’s net worth was around $19.6 billion which has dropped to $16.5 billion in 2024.
15. Wang Wei
Net Worth in 2023: $21.2 Billion
Net Worth in 2024: $17.7 Billion
Change in Net Worth: -$3.5 Billion
Wang Wei ranks 15th among the biggest billionaire losers in 2024 as he experienced a drop of $3.5 billion in his net worth. Wang Wei chairs S.F. Holding, the package delivery giant known for its SF Express brand.
14. Susanne Klatten
Net Worth in 2023: $27.4 Billion
Net Worth in 2024: $23.30 Billion
Change in Net Worth: -$4.1 Billion
Susanne Klatten is the sole owner and deputy chair of Altana, which has more than $2.5 billion in annual sales. With a net worth drop of over $4 billion, Susanne Klatten has a net worth of $23.30 billion in 2024.
13. Harold Hamm
Net Worth in 2023: $18.5 Billion
Net Worth in 2024: $14 Billion
Change in Net Worth: -$4.5 Billion
Harold Hamm founded and chairs Continental Resources, one of the nation’s biggest independent oil companies. Hamm has a net worth of around $14 billion, as of 2024. With a drop of $4.5 billion in his net worth since 2023, Harold Hamm ranks 13th among the biggest billionaire losers in 2024.
12. Ray Dalio
Net Worth in 2023: $19.1 Billion
Net Worth in 2024: $14 Billion
Change in Net Worth: -$5.1 Billion
Ray Dalio is the founder of the world’s biggest hedge fund firm, Bridgewater Associates, which manages around $124 billion. Ray Dalio has lost over $5 billion and has a net worth of around $14 billion in 2024.
11. Dieter Schwarz
Net Worth in 2023: $42.9 Billion
Net Worth in 2024: $37.70 Billion
Change in Net Worth: -$5.2 Billion
Dieter Schwarz inherited the Schwarz Group from his father and has a net worth of around $37.70 billion in 2024. Since 2023, Dieter Schwarz’s net worth has plunged by nearly $5.2 billion.
10. Carlos Slim Helu
Net Worth in 2023: $93 Billion
Net Worth in 2024: $87.30 Billion
Change in Net Worth: -$5.7 Billion
Carlos Slim Helu is the richest person in Mexico and his family controls América Móvil, Latin America’s biggest mobile telecom firm. With a net worth loss of $5.7 billion since 2023, Carlos Slim Helu ranks 10th among the biggest billionaire losers in 2024.
9. James Ratcliffe
Net Worth in 2023: $22.9 Billion
Net Worth in 2024: $16.8 Billion
Change in Net Worth: -$6.1 Billion
James Ratcliffe went from zero to hero and founded the chemical powerhouse Ineos Group. Since 2023, Ratcliffe’s net worth has declined by over $6 billion and ranks among the biggest billionaire losers in 2024.
8. Phil Knight
Net Worth in 2023: $45.1 Billion
Net Worth in 2024: $38.40 Billion
Change in Net Worth: -$6.7 Billion
Phil Knight is the founder of the sports apparel brand, NIKE. Phil Knight has lost over $6.7 billion from his net worth of $45.1 billion in 2023.
7. Andrey Melnichenko
Net Worth in 2023: $25.2 Billion
Net Worth in 2024: $18.2 Billion
Change in Net Worth: -$7 Billion
Andrey Melnichenko is the founder of fertilizer producer Eurochem and coal energy company SUEK. In 2023, Melnichenko’s net worth was around $25.2 billion which has dropped to $18.2 billion in 2024. Andrey Melnichenko ranks seventh among the biggest billionaire losers in 2024.
6. Leonard Lauder
Net Worth in 2023: $21 Billion
Net Worth in 2024: $12.1 Billion
Change in Net Worth: -$8.9 Billion
Leonard Lauder spent almost 30 years running his family’s publicly traded cosmetics giant, Estée Lauder. With a drop of almost $9 billion since 2023, Leonard Lauder ranks among the biggest billionaire losers in 2024.
5. Carl Icahn
Net Worth in 2023: $17.5 Billion
Net Worth in 2024: $6 Billion
Change in Net Worth: -$11.5 Billion
Carl Icahn ranks fifth among the biggest billionaire losers in 2024 as he lost over $11 billion of his net worth. Icahn is one of Wall Street’s most successful investors and is the founder of Icahn Capital Management.
4. Zhong Shanshan
Net Worth in 2023: $68 Billion
Net Worth in 2024: $56.20 Billion
Change in Net Worth: -$11.8 Billion
Zhong Shanshan is the founder and chairman of Nongfu Spring, a bottled water company. Shanshan’s net worth was around $68 billion in 2023 and today it is around $56 billion.
3. Wang Wenyin
Net Worth in 2023: $19 Billion
Net Worth in 2024: $6.35 Billion
Change in Net Worth: -$12.6 Billion
Wang Wenyin is the founder of copper and cable conglomerate Amer. Since 2023, Wenyin’s net worth has declined by over $12.6 billion and ranks third among the biggest billionaire losers in 2024.
2. Bernard Arnault
Net Worth in 2023: $211 Billion
Net Worth in 2024: $195.50 Billion
Change in Net Worth: -$15.5 Billion
Bernard Arnault is the CEO of the French luxury firm, LVMH. With a loss of almost $15.5 billion from his net worth of $211 billion in 2023, Bernard Arnault ranks second among the biggest billionaire losers in 2024.
1. François Pinault
Net Worth in 2023: $40.1 Billion
Net Worth in 2024: $22.80 Billion
Change in Net Worth: -$17.3 Billion
François Pinault founded Kering, which owns some of the top luxury brands including Saint Laurent, Alexander McQueen, and Gucci. With a drop of over $17 billion in his net worth since 2023, François Pinault ranks first among the biggest billionaire losers in 2024.
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Disclosure. None. This article was originally published on Insider Monkey.