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Some of the world's wealthiest folks, including celebrities and businessmen, have lost their billionaire status in 2021. The pandemic brought over a paradigmatic change in the economic structure across the globe. Many of the celebrities and businesspersons have lost great wealth and are no longer billionaires in 2021. However, many among them might still be the highest earners in their business or art field and are steadily building up their wealth. The stock market has also played a significant role in helping the wealthiest of the world regain their superior financial status.
The following is a list of some renowned celebrities and businessmen who are no longer billionaires in 2021.
Pan Sutong
Pan Sutong was one of the wealthiest in Asia last year, but a considerable debt resulted in his downfall in 2021. Sutong, the 57-year-old chairman of Goldin Real Estate, became the only guarantor of a massive debt when he decided to own all the properties by himself. He failed to comply with the terms of his creditors and the banks.
The creditors went after his company's flagship project, the Goldin Financial Global Centre, to settle heaps of debt. The fall of Pan Sutong was intense. Although he was once the 4th richest man in Asia in 2015 with a handsome net worth of about $27 billion, he is no longer on the list of billionaires.
Kylie Jenner
Kylie Jenner had been inspiring a lot of motivation and drive as the youngest billionaire. Forbes recently exposed that her family, the Jenner's, increasingly exaggerated her wealth and returns from the cosmetic business. The main reason for Kylie being considered a billionaire was her cosmetic business's success, Coty, in buying about 51 percent of the company at a value of approximately $1.2 billion. But later, it was discovered that her mother, Kris Jenner was also a stakeholder.
The controversy got bigger as Kylie repeatedly claimed that she was a young, self-made billionaire, although it had been spreading positivity earlier. Kylie Jenner is still reportedly one of the highest-earning stars and might gain her billionaire status back sooner than expected.
Jim Justice
The 'World's Billionaires List' no longer has the name of Jim Justice. However, Justice, the governor of West Virginia, was once worth about $1.7 billion. But things went south rather suddenly for his coal business, taking his status along with it.
A lawsuit revealed that Justice had been on an outstanding credit of about $850 million since 2019. After all the evaluations conducted this year, Jim Justice currently has a net worth of about $440 million.
Galen G. Weston
Galen G. Weston was once considered the wealthiest billionaire retailer in Canada. The Weston family owns Loblaw Cos., which made them one of the highest-earning folks in Canada. Galen G. Weston and his family had a brilliant net worth of $7.6 billion in 2020.
The Weston business's sales revenue received a massive hike at the beginning of the pandemic when people flocked to their stores to stack up for emergencies. However, when Weston decided to reduce the employees' pay due to COVID-19, they had to face public uproar in the name of capitalistic exploitation of the working class, which led to the decline of their wealth.
Isabel dos Santos
Via https://twitter.com/isabelaangola
Isabel Dos Santos was once the richest woman in Africa. In 2013, when she was the daughter of Angola's president, she had an impressive net worth of about $3.5 billion. Her source of income was from her investment. She had enough clout and power to draw companies to Angola that wanted Angola's oil, riches, and diamonds.
She lost her privilege when a new president was chosen for Angola. In this new regime, high levels of corruption were exposed. Consequently, Isabel dos Santos' exquisite assets were frozen by the courts of Angola, the Netherlands, and Portugal. Due to this, she is no longer on the list of billionaires in 2021.
Brian Sheth
Brian Sheth is the former president of the private equity fund called Vista Equity Partners. He had an extraordinary net worth of about $2.2 billion in 2020, according to Forbes.
Brain Sheth had been building this private firm in collaboration with the CEO, Robert F. Smith, for years. Sheth lost his immense wealth when he had to leave his firm and sacrifice his $1.4 billion worth of stake in the company. Thus, Sheth is no longer on the coveted list of billionaires. It is also rumored that the decline in his net worth has been caused due to a tax evasion scheme, but Sheth refuses to affirm it.
Other mighty billionaires who have lost their status this year would include Ursula Bechtolsheimer-Kipp, Aiyawatt Srivaddhanaprabha, Jihan Wu, and Toshio Motoya. Likewise, some billionaires passed away in recent times and did not hold a spot on the list.
Source: Forbes, BBC News, 12WBOY, Financial Post, Bloomberg Quint
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