5 People Who Fell Off The 2024 Billionaires List
$14.2 trillion, on Forbes’ 2024 World’s Billionaires list—but not everyone is celebrating. An unlucky quarter of those on the ranking are poorer than they were in 2023. And 189 people fell below the $1 billion threshold, losing their membership to the three-comma club entirely.
These billionaire drop-offs include moguls behind some notable brands, such as Estée Lauder heir Gary Lauder; Hajime Satomi, former CEO of Japanese gaming company Sega Sammy; and David Tran, owner of the company behind Sriracha hot sauce.
The overwhelming majority of the losses came from China, one of the few huge markets to sputter in an otherwise-positive year amid fallout from slower economic growth, a property market glut, a decline in foreign investment and rising geopolitical tensions. China shed 133 billionaires (including Hong Kong and Macau) since last year’s list. That includes Tang Binsen, founder of the sparkling water company Chi Forest; Hui Ka Yan, chair of embattled real estate developer Evergrande Group; and copper and cable magnate Wang Wenyin, who was worth $19 billion a year ago but dropped from the list after a Chinese court froze his shares of metals company Amer International Group.
The United States, meanwhile, which has the most billionaires of any country, only saw eight billionaires drop from the ranks, followed by Japan (6) and Russia (5).
Read the full story on Forbes: https://www.forbes.com/sites/richardjchang/2024/04/02/heres-who-fell-off-forbes-2024-billionaires-list/?sh=5134cd861fd0
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These billionaire drop-offs include moguls behind some notable brands, such as Estée Lauder heir Gary Lauder; Hajime Satomi, former CEO of Japanese gaming company Sega Sammy; and David Tran, owner of the company behind Sriracha hot sauce.
The overwhelming majority of the losses came from China, one of the few huge markets to sputter in an otherwise-positive year amid fallout from slower economic growth, a property market glut, a decline in foreign investment and rising geopolitical tensions. China shed 133 billionaires (including Hong Kong and Macau) since last year’s list. That includes Tang Binsen, founder of the sparkling water company Chi Forest; Hui Ka Yan, chair of embattled real estate developer Evergrande Group; and copper and cable magnate Wang Wenyin, who was worth $19 billion a year ago but dropped from the list after a Chinese court froze his shares of metals company Amer International Group.
The United States, meanwhile, which has the most billionaires of any country, only saw eight billionaires drop from the ranks, followed by Japan (6) and Russia (5).
Read the full story on Forbes: https://www.forbes.com/sites/richardjchang/2024/04/02/heres-who-fell-off-forbes-2024-billionaires-list/?sh=5134cd861fd0
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
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LifestyleTranscript
00:00 It was an up year for billionaires, with a record 2,781 of them worth a record $14.2
00:06 trillion on Forbes' 2024 World's Billionaires list.
00:11 But not everyone is celebrating.
00:13 An unlucky quarter of those on the ranking are poorer than they were in 2023, and 189
00:19 people fell below the $1 billion threshold, losing their membership to the three-comma
00:24 club entirely.
00:26 These billionaire drop-offs include moguls behind some notable brands, such as Estee
00:30 Lauder heir Gary Lauder, Hajime Satomi, former CEO of Japanese gaming company Sega Sammy,
00:38 and David Tran, owner of the company behind Sriracha hot sauce.
00:43 The overwhelming majority of the losses came from China, one of the few huge markets to
00:47 sputter in an otherwise positive year amid fallout from slower economic growth, a property
00:53 market glut, a decline in foreign investment, and rising geopolitical tensions.
00:58 China, including Hong Kong and Macau, shed 133 billionaires since last year's list.
01:05 The United States, meanwhile, which has the most billionaires of any country, only saw
01:10 eight billionaires drop from the ranks, followed by six in Japan and five in Russia.
01:16 Here are the top drop-off billionaires in 2024.
01:21 Osman Kibar
01:24 Long gone are the days of the pandemic pushing up the value of healthcare firms, like Kibar's
01:28 biotech business BioSplice Therapeutics.
01:32 Forbes estimates that the company, which uses pre-mRNA splicing in osteoarthritic and oncology
01:39 treatment, is worth $1.6 billion, far below the 2018 funding round that had pegged it
01:46 at $12 billion.
01:48 That's enough to knock Kibar, who has an estimated 36% stake in the private firm, off
01:53 the list.
01:55 Baiju Ravindran
01:57 Ravindran co-founded learning app Baijus, once India's most valuable startup, in 2011.
02:05 In January, Baiju posted its long-delayed results for the fiscal year ending March 2022,
02:12 showing a net loss topping $1 billion.
02:15 BlackRock slashed its valuation of Baijus to about $1 billion, down from the firm's
02:21 $22 billion valuation in 2022, amid the company's struggle to secure capital and allegations
02:27 of accounting irregularities.
02:29 Baiju's shareholders voted to oust Ravindran as CEO in February.
02:36 Hoy Kayan
02:38 In March, securities regulators fined his property developer, Evergrande Group, $580
02:44 million, and Hoy personally $6.6 million, for defrauding investors and colluding with
02:50 others to inflate the group's revenues by 564 billion yuan, about $78.4 billion.
02:59 After a Hong Kong court approved Evergrande's liquidation to pay back debts totaling around
03:03 $300 billion, Hoy's net worth plummeted to around $700 million, a pittance compared to
03:10 his peak estimated fortune of $36 billion back in 2019.
03:15 The disgraced magnate hasn't been seen in public since September.
03:20 René Benko
03:22 The Austrian real estate tycoon lost his membership to the Three Comma Club late last year, after
03:28 his real estate firm, Cigna Holding, filed for insolvency amid a mountain of debt.
03:34 Two key subsidiaries, Cigna Prime Selection and Cigna Development, filed for insolvency
03:39 shortly after.
03:41 Based on the net asset values for Cigna Prime, Cigna Development, and Cigna Holding, Forbes
03:47 has lowered his estimated net worth to nothing.
03:51 Last month, Benko himself filed for personal insolvency.
03:56 Wang Wenyin
03:59 In October, a Chinese court ordered a three-year freeze on Wang's stake in metals giant Amer
04:04 Holding following a series of contractual disputes.
04:08 Wang, dubbed "the King of Copper," stepped down as chairman of Shenzhen Amer, a subsidiary,
04:14 in the ensuing days.
04:17 With Wang holding 90% of the company, which accounts for the bulk of his wealth, the freeze
04:22 knocks him off the billionaire's list and easily makes him the biggest loser in both
04:26 percentage and dollar terms.
04:29 It's a sharp fall for the self-made entrepreneur, who was worth $19 billion last year and China's
04:35 ninth richest.
04:37 In March, a court from a separate province issued the same three-year freeze on Amer
04:41 Holding.
04:43 The company reportedly has a history of overpromising and underperforming on some of its projects.
04:50 Wang did not respond to a request for comment by the time of publication.
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