Billionaires Who've Lost BIG: 10 Titans Who've Watched Their Net Worth Plummet (PHOTOS)

For billionaires, suffering a massive loss of wealth probably has a different effect than for, say, a millionaire's.

But in relative terms, the global economic crisis has been a hard hit for this elite class. Last year Forbes noted 355 dropoffs from its annual roundup of billionaires, mostly from the United States. From bad loans and pre-crisis real estate purchases, to messy divorces and SEC investigations, billionaires--just like the rest of us--have watched their personal finances shrink to a fraction of their highest net worth.

But don't sulk, billionaires. Life will continue, with or without your McLaren F1's. We promise.

Check out which billionaires who have lost a significant part of their fortunes in recent years.

1 of 10

The Friedman Family Trust

1 of 11

First Slide

Previous Slide

@

Thomas Friedman, New York Times columnist, author, billionaire? Who knew? Friedman married into his wealth via Anne Bucksbaum, heiress of real estate investment trust, General Growth Properties (GGP). But like others on this list, Friedman saw his family's net worth slide from billions to mere millions during the housing crisis, when GGP's revenues took a nosedive. The Friedman family trust went from $3.6 billion to less than $25 million.

States Where Incomes Are Rising The Fastest: BEA

Hospital Debt Collection A Symptom Of A Sick Health Care System

Celebrity Home Prices Not Seeing A Boost From Their Famous Owners

Warren Buffett's 'Secret Millionaires Club' Awarding $5,000 To Kid Entrepreneurs

gadgets/slideshows/192224/slide_192224_384092_small.jpg

J.C. Penney and Gap's Gay-Themed Ads Seek Profit With Progress

Sarah Tressler, Fired For Working As Stripper, Sues Houston Chronicle For Gender Discrimination

Thomas Friedman, New York Times columnist, author, billionaire? Who knew? Friedman married into his wealth via Anne Bucksbaum, heiress of real estate investment trust, General Growth Properties (GGP).

But like others on this list, Friedman saw his family's net worth slide from billions to mere millions during the housing crisis, when GGP's revenues took a nosedive. The Friedman family trust went from $3.6 billion to less than $25 million.

comments(105)

Total comments: 105 | Post a Comment

1 of 11

Rate This Slide

Rank #2  |  Average: 4

It Will Be Tough To Recover They'll Gain It Back

• 
  1
• 
  2
• 
  3
• 
  4
• 
  5
• 
  6
• 
  7
• 
  8
• 
  9
• 
  10

Billionaires Who've Lost Big Money

loading...

Billionaires Who've Lost Big Money

UserName

 | Become a fan

Picked These as the Top 5 Slides in the Slideshow

loading...

Top User Slides

← Prev|Next →

 | Become a fan

Picked These as the Top 5 Slides in the Slideshow

loading...

Users who voted on this slide

← Prev|Next →

loading...

Comments

[Lady Doodlebug]

04:52 PM on 06/29/2010

(Feigning sympathy) Poor poor capitalists... my heart bleeds....

[angrymanspokane]

01:49 PM on 06/29/2010

Sympathy escapes me

[sanjeev nanda]

02:50 AM on 06/29/2010

What a list....some great minds totally wasted. Outrageous

Here is a similar list Indian entrpreneurs http://sanjeev-nanda.blogspot.com/2010/05/sanjeev-nanda-turning-businesses-into.html

[Geria]

08:03 PM on 06/27/2010

Well, so Tom Friedman, the booster of Free Trade, is really a golddigger. Marrying money is still the best way to get it--you avoid all the work. I wonder if Tommy has learned anything from the experience. Probably not. Going from a billionaire to a millionaire isn't going to have much impact on one's standard of living. Losing your well-paying job to subsist on unemployment benefits is a real jolt to one's system, something the well-padded-with-cash do not experience. Obama's financial reform bill has left enough of the old casino system intact, so you sorry losers can rebuild your empires. One thing you'll never learn is to be more human.

[coolaid8]

07:57 PM on 06/27/2010

I never knew Freidman was a billionaire who married into his money. That explains everything about his writing.

[Hoosierbrad]

05:40 PM on 06/27/2010

From $3.6 billion dollars to a value of $25 million dollars? Now that is funny!

[AudiGuy]

11:00 PM on 06/28/2010

I love capitalism.

[evalela]

12:20 PM on 06/26/2010

BOOOOOOOO!!!!!!!!!!!!! HOOOOOOOOOO!!!!!!!!!!! cry me a river,I don't think they'll be homeless anytime soon.BOOOOOOOOO!!!!!!!!!!!!!! HOOOOOOOO!!!!!!!!!!

[situpnow]

11:31 PM on 06/25/2010

Poor babies

[mrJJ]

03:56 PM on 06/25/2010

Update to post I put out to ex or curent " G LEA's" that have retirement funds with FEBG

K. Wayne McCleoud
http://www.febg.com/aboutus.htm

SEC Charges Benefits Consultant to Government Agencies With Ponzi Scheme
FOR IMMEDIATE RELEASE
2010-108

Washington, D.C., June 25, 2010 - The Securities and Exchange Commission today announced that it obtained an asset freeze and other emergency relief against a Jacksonville, Fla., retirement benefits consulting firm that defrauded active and retired government employees and law enforcement agents nationwide through a Ponzi scheme that promised safe investments.

http://www.sec.gov/news/press/2010/2010-108.htm

[Geria]

08:07 PM on 06/27/2010

See, enough of the old casino system is still in place, besides the old standbys of fraud and
swindling, for the losers to re-group.

[HatingTheGame]

12:26 PM on 06/25/2010

Wonder if he's worried about the earth being flat now?

[Geria]

08:08 PM on 06/27/2010

Do you think he knows?

[tribilin219]

11:51 AM on 06/25/2010

Doesn't this just brings tear's to your eyes ( NOT) let them rot in jail is all I have to say! and I hope there's room for a lot more of them and a few from Washington too!

[hollybork]

07:09 AM on 06/25/2010

Friedman's family goes from $3 billion to $25 million? Have his friends noticed him drinking more lately, or using the "f" word instead of his usual elegant vocabulary? That is a stunning reversal of fortunes. Hard to believe, actually. Reminds me of that movie with Richard Pryor where he has to spend millions of dollars really fast and not give it away or get return value. He buys a one of a kind stamp for $1 million, puts it on an envelope and mails it. But how do you cancel the stamp on over $2.9 billion?

[coolaid8]

08:00 PM on 06/27/2010

Guess he wasn't smart enough to follow the number one rule of investing, diversify.

[trollsbwild]

06:38 AM on 06/25/2010

WWWWWWWAAAAAAHHHHHHH! They are only worth hundreds of millions. Let's have a benefit for them.

[sexyrexy]

01:50 AM on 06/25/2010

is that all? there should be more of them!

[themodernleader]

12:44 AM on 06/25/2010

In the slow-motion bankruptcy proceedings of the USA, even many exploiters become exploited.
Incidentally, the previleged position of Tom Friedman and of every other commentator, should be noted on every bit of propaganda he or they write in the name of objectivity and fairness. This was my first knowledge of his previlege.

[DJCranky]

09:36 AM on 06/25/2010

And he's written a couple of bestsellers - that's some pocket change right there.

[coolaid8]

08:01 PM on 06/27/2010

Yes, it explains so much, doesn't it?