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Though this year was certainly not the worst in terms of drop offs and decliners, there are a fair amount of individuals who would like to forget the last 12 months. At least 441 people, to be exact. In total, that’s how many people on this year’s list lost money. While global recovery efforts bolstered the fortunes of some listees, tumultuous public markets and adverse economic conditions proved disastrous for others. The range of loss was quite large, varying from $100 million to $10.4 billion at the most. Of these, 81 individuals saw their fortunes drop by at least $1 billion. On average each of the 441 lost $747 million.
Below are the five biggest losers in countdown order, followed by a more complete list of those who got poorer in the past 12 months. (All of the numbers are based on prices locked in on February 14).
5. Maria-Elisabeth Schaeffler
Germany
Schaeffler saw her net worth drop $7.8 billion all the way down to $2 billion due to the massive amount of debt taken on by Schaeffler Group, the premier roller bearing production company, which she co-owns with her son Georg. The debt load is primarily sourced from the company’s $15 billion takeover of Continental AG in 2008. Though a restructuring occurred in 2009, Schaeffler Group still has an exorbitant amount of debt on the balance sheet.
4. Oleg Deripaska
Russia
Deripaska experienced a decline of $8 billion this past year, having his net worth almost sliced in half, resulting in a total net worth of $8.8 billion. After a successful 2010 IPO, shares of Deripaska’s aluminum firm United Co. Rusal plummeted by more than 50% in value. This was due primarily to the drop in global prices of aluminum as well as depressed growth outlook for the company in the face of slowing Chinese demand and global consumption of aluminum
3. Vladimir Lisin
Russia
Russian steel magnate Vladimir Lisin lost $8.1 billion, the third most of any individual on this year’s list. His fortune now sits at $15.9 billion. The loss is due to a serious dive in the share price of Russia’s 3rd largest steel company. The drop can be attributed to a substantial increase in the amount of debt, volatile steel prices and lower growth expectations for the company.
2. Shashi & Ravi Ruia
India
The Ruia Brothers suffered the 2nd largest loss this year, losing $8.8 billion on the year. The brothers saw their net worth drop to $7 billion as a result of a 75% drop in price of their Essar Group’s energy branch, Essar Energy. The brothers were being investigated for a minority stake they held in Loop Telecom; a firm run by their brother-in-law. The government actually charged Ravi, among other family members, for alleged criminal conspiracy. Investors reacted to the allegations and the stock price of Essar Energy tumbled dramatically. Essar denies the charges
1.Lakshmi Mittal
India
The boss of the world’s biggest steel outfit, Lakshmi Mittal, suffered the largest loss of any individual on the list, dropping an astonishing $10.4 billion in just one year, leaving him with $20.7 billion. Shares of his self-named ArcelorMittal suffered a similar fate as those of other steel powerhouses, though his plight outweighed that of others in the industry. Though he still possesses the title of Asia’s third richest man, low demand and high costs have caused the price of ArcelorMittal to suffer in the public marketplace.
source-http://www.forbes.com (3/07/2012 )
Below are the five biggest losers in countdown order, followed by a more complete list of those who got poorer in the past 12 months. (All of the numbers are based on prices locked in on February 14).
5. Maria-Elisabeth Schaeffler
Germany
Schaeffler saw her net worth drop $7.8 billion all the way down to $2 billion due to the massive amount of debt taken on by Schaeffler Group, the premier roller bearing production company, which she co-owns with her son Georg. The debt load is primarily sourced from the company’s $15 billion takeover of Continental AG in 2008. Though a restructuring occurred in 2009, Schaeffler Group still has an exorbitant amount of debt on the balance sheet.
4. Oleg Deripaska
Russia
Deripaska experienced a decline of $8 billion this past year, having his net worth almost sliced in half, resulting in a total net worth of $8.8 billion. After a successful 2010 IPO, shares of Deripaska’s aluminum firm United Co. Rusal plummeted by more than 50% in value. This was due primarily to the drop in global prices of aluminum as well as depressed growth outlook for the company in the face of slowing Chinese demand and global consumption of aluminum
3. Vladimir Lisin
Russia
Russian steel magnate Vladimir Lisin lost $8.1 billion, the third most of any individual on this year’s list. His fortune now sits at $15.9 billion. The loss is due to a serious dive in the share price of Russia’s 3rd largest steel company. The drop can be attributed to a substantial increase in the amount of debt, volatile steel prices and lower growth expectations for the company.
2. Shashi & Ravi Ruia
India
The Ruia Brothers suffered the 2nd largest loss this year, losing $8.8 billion on the year. The brothers saw their net worth drop to $7 billion as a result of a 75% drop in price of their Essar Group’s energy branch, Essar Energy. The brothers were being investigated for a minority stake they held in Loop Telecom; a firm run by their brother-in-law. The government actually charged Ravi, among other family members, for alleged criminal conspiracy. Investors reacted to the allegations and the stock price of Essar Energy tumbled dramatically. Essar denies the charges
1.Lakshmi Mittal
India
The boss of the world’s biggest steel outfit, Lakshmi Mittal, suffered the largest loss of any individual on the list, dropping an astonishing $10.4 billion in just one year, leaving him with $20.7 billion. Shares of his self-named ArcelorMittal suffered a similar fate as those of other steel powerhouses, though his plight outweighed that of others in the industry. Though he still possesses the title of Asia’s third richest man, low demand and high costs have caused the price of ArcelorMittal to suffer in the public marketplace.
source-http://www.forbes.com (3/07/2012 )
