Wealth-X just announced its list of the biggest losers this year, proving that even the wealthiest hit rough patches.
Russian gas mogul Leonid Mikhelson lost the most, with over 40% of his fortune slipping away between Russia’s struggling economy and weak oil prices.
Here are the billionaires who lost the most in 2014:
1. Leonid Mikhelson lost $US7 billion.
Mikhelson, CEO of Russian gas company Novatek, lost nearly 41% of his $US17 billion fortune this year, leaving his current wealth at around $US10 billion. His losses stem from a number of factors, including the decline of Russian currency, weak oil prices, and economic sanctions placed on Russia by Western nations in light of the Russia-Ukraine conflict.
2. Masayoshi Son lost $US5.9 billion.
Though he remains the richest man in Japan, the CEO of SoftBank, Asia’s top Internet and telecommunications corporation, lost nearly $US6 billion this year. Losses from Sprint, which SoftBank purchased last year, dragged down the company’s overall earnings this year.
3. Lui Chee Woo lost $US5.5 billion.
Chinese casinos struggled overall this year, and Galaxy Entertainment Group, which Woo owns, saw a 20% drop in revenue. Despite earning a strong $US8.3 billion in 2013 as gambling surged last year, Woo ended this year with a $US5.5 billion loss instead.
4. Jeff Bezos lost $US5.5 billion.
As Amazon shares shares continue to drop — down 28% in 2014 — Amazon is predicted to lose an estimated $US40.5 billion this year, according to Bloomberg. Bezos’s personal wealth took a $US5.5 billion hit as well, but the founder remains confident in Amazon’s recovery.
5. Sheldon Adelson lost $US5.2 billion.
It was a tough year for casino mogul Adelson, who is the CEO of the Las Vegas Sands Corporation. In addition to his personal monetary losses, hackers effectively shut down a major Las Vegas casino of Adelson’s in February, stealing customers’ Social Security Numbers and clearing hard drives.
Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.
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