In 2024, Forbes released its annual World’s Billionaires list, featuring a record 2,781 billionaires with a combined net worth of $14.2 trillion. However, not all billionaires fared well, with a quarter experiencing a decline in fortunes compared to 2023. Additionally, 189 individuals fell below the $1 billion threshold, losing their billionaire status.
Countries with the Most Billionaires Losing Status
The majority of individuals losing billionaire status hailed from China, which grappled with challenges such as slower economic growth, property market glut, declining foreign investment, and geopolitical tensions. China witnessed 133 billionaires, including those from Hong Kong and Macau, dropping off the list.
Contrarily, the United States, boasting the largest number of billionaires, saw only eight individuals lose their billionaire status, followed by Japan with six and Russia with five.
Impact on Various Sectors
The manufacturing sector bore the brunt, with 49 individuals losing billionaire status, including machinery suppliers and fertilizer producers-turned-investors. Healthcare also saw 21 members leaving the list, mainly Chinese pharmaceutical moguls and medical device makers. Despite the AI boom, twenty tech billionaires fell off the list.
Furthermore, 32 billionaires passed away over the past year, including notable figures like former Prime Minister of Italy Silvio Berlusconi and Intel co-founder Gordon Moore.
Notable Figures Who Lost Billionaire Status
Several high-profile individuals saw a decline in their net worth, including Wang Wenyin, Rene Benko, Hui Ka Yan, Osman Kibar, Gary Lauder, Luc Tack, and Ryan Breslow, due to various reasons such as legal disputes, insolvency filings, and business challenges.
Overall, while the billionaire count reached new heights, challenges across sectors and regions led to significant shifts in rankings, impacting the net worth of many individuals.
