What goes up must come down

Dov Charney Bankrupt
Dov Charney

The rich just keep getting rich, right? That is often what we are told to believe, but, of course, some unlucky UHNWIs have lost a bundle of late.

From July 2014 to July 2015, 45 percent of the ultra-wealthy in the United States (defined as those worth $30 million or more) lost money – a very unlucky 11 percent lost more than half of it, according to a Wealth-X study conducted for the New York Times.

In terms of dollars and cents (or birkins, gems and single malts), that 11 percent collectively lost $760 billion in just one year. As the Times points out, that’s more than the GDP of Switzerland.

Take the example of the rapper 50 Cent, aka Curtis James Jackson III. He was was worth $240 million in May 2014, but as of last month he old had about $50 million left in his pocket. Or look at Dov Charney, the founder of the bankrupt hipster clothing retailer American Apparel – his shares in the company were valued at $65 million. Now, they are virtually worthless. C’est la vie.

50 Cent loses money
50 Cent

Still, most of these people are crying over spilt milk. Even the biggest losers in that last year are still often incredibly well off. I mean it is hard to feel sorry for 50 Cent, when he is only worth $50 million.

“If you’re looking for people in the gutter, this isn’t exactly it,” Joyce Chen, content marketing director at Wealth-X, told the times.