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These 5 People Lost the Most This Year

Think your 401(k) has taken a hit? One tycoon has taken a $32B bath

By Nick McMaster,  Newser Staff

Posted Nov 26, 2008 2:31 PM CST
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(Newser) – Think you've taken a bath in the markets? Business Sheet compiles this year's five biggest losers:

  1. Warren Buffet Loss: $13.6 billion. Though he’s bought when others wouldn’t and come to the rescue of many (Goldman and GE, to start), losses dropped the famed investor’s liquid wealth to a paltry $48.1 billion.
  1. Mukesh Ambani Loss: $28.2 billion. Ambani controls Reliance Industries, the world’s largest polyester producer. Though he overtook Lakshmi Mittal as India’s richest individual this year, his investments still took a hit.

  1. Sheldon Adelson Loss: $30 billion. The downturn has left many Americans soured on gambling, and this casino mogul may have the largest paper loss in US history, adjusted for inflation. Put another way, Adelson lost $1,000 a second this year.
  1. Lakshmi Mittal Loss: $30.5 billion. Stocks drops and production cuts at steel titan ArcelorMittal downgraded him from being India’s richest man in 2007.
  1. Anil Ambani Loss: $32.5 billion. Ambani’s Reliance Communications has thrown his money at Hollywood this year, investing $500 million in DreamWorks alone, but losses have hit him harder than anyone in the world.

Sheldon Adelson, chairman and CEO of The Las Vegas Sands Corporation, has lost about $1,000 per second in 2008, or some $30 billion.
Sheldon Adelson, chairman and CEO of The Las Vegas Sands Corporation, has lost about $1,000 per second in 2008, or some $30 billion.   (AP Photo)
Reliance Communications Chairman Anil Ambani has lost more than $32 billion in the financial crisis.
Reliance Communications Chairman Anil Ambani has lost more than $32 billion in the financial crisis.   (AP Photo)
Warren Buffet, chairman of Berkshire Hathaway, is out $13.6 billion as a result of the economic downturn.
Warren Buffet, chairman of Berkshire Hathaway, is out $13.6 billion as a result of the economic downturn.   (AP Photo)
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COMMENTS
Showing 1 of 1 comment
Guest
Nov 27, 2008 11:25 PM CST
I'll bet these guys will be making sure no lights get left on at their homes.

Timeline of the global financial crisis over the past two months
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Crisis forces Bernanke to become a radical
New Yorker

All rescue efforts counted, government is prepared to spend $7.7 trillion
Bloomberg

 
Warren Buffett • list • Lakshmi Mittal • Mittal Steel • Sheldon Adelson • Mukesh Ambani • financial crisis

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