Billionaires across the world have had a really bad 2022 due to several factors. Nearly half of world’s 2,640 billionaires have become poorer as compared to their valuation last year. Meanwhile, 254 people dropped off the Forbes Billionaire 2023 list completely.
Sam Bankman-Fried, the founder and former CEO of the failed cryptocurrency exchange FTX, with a net worth of less than $10 million fell off the Forbes Billionaire 2023 list.
Entrepreneur and musician Kanye West with a net worth of about $400 million, down from about $2 billion, is no longer on the coveted list as well.
Yvon Chouinard, founder of outdoor clothing and gear retailer Patagonia, with a net worth of less than $100 million, dropped off the list as he donated the company to a trust.
Zhao Weiguo, the former billionaire chairman of Tsinghua Unigroup, with a net worth of less than $100 million, down from $2.8 billion, has also found no place in the list.
Brex co-founders Henrique Dubugras and Pedro Franceschi, both having net worth of $900 million each, slipped out of the Forbes list.
Wayfair co-founders Niraj Shah and Steve Conine, both having net worth of about $600 million each, slipped out of the Forbes Billionaires List 2023.
OpenSea founders Alex Atalla and Devin Finzer with a net worth of less than $600 million each dropped off the Forbes Billionaires List 2023.
Suven Pharma's Jasti was called a one-hit wonder as he made it to the list in 2022 and didn't find a place in 2023 list. Jasti's wealth comes from his stakes in listed Suven Pharma and Suven Life Sciences, both run by his son Venkateswarlu Jasti.
Vijay Shekhar Sharma is no longer a billionaire as his One97 Communications has seen its shares steadily fall since its IPO in late 2021 amid increasing competition for its Paytm payments app and prominent investors paring their stakes.
China (including Hong Kong) had the most drop-offs, with 80. The United States, which boasts the most billionaires in the world, had the second-highest number of people fall from the ranks, with 47, followed by India (23) and South Korea (15).