Billionaires Who Lost Their Entire Fortunes

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Added 5 years ago by andem

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A billion dollars is such a ridiculous amount of money that our tiny brains can't really comprehend just how much money it is. It's hard to imagine how people become billionaires, but even stranger is how some billionaires lose it all.

Vijay Mallya has sometimes been called the Indian Richard Branson. He turned his family brewing business into a massive conglomerate, and he also made money in chemicals, fertilizer, and an airline. But he also played as hard as he worked. His birthday celebrations included performances from stars like Enrique Iglesias and Lionel Richie. He even bought a stake in a Formula One racing team. Meanwhile, his company was having problems paying its staff.

Mallya's airline owed employees back pay, plus more than $1 billion in loans. In 2015, the authorities raided his homes and offices, so he fled India for Britain in 2016. But he wasn't out of the reach of the law, as he managed to get arrested twice in 2017 for defaulting on his loans and money laundering.

By 2019, Mallya was still fighting extradition to India to face charges. He was relying on his children, business acquaintances, and even his personal assistant to get by, but his lawyers admitted that he was having trouble living frugally, as he was still spending $24,000 a week. They did say he was graciously willing to cut that to a mere $37,500 a month. Meanwhile, his creditors want their $1.5 billion back.

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Vijay Mallya | 0:13
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Patricia Kluge | 7:38
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Jocelyn Wildenstein | 10:03