Which billionaire lost $7B of his fortune in 2014?


Posted at Dec 20 2014 01:43 PM | Updated as of Dec 20 2014 09:58 PM

Alibaba Group Executive Chairman Jack Ma prepares to deliver a keynote speech during the Cross-Strait CEO Summit in Taipei. Photo by Pichi Chuang, Reuters

MANILA, Philippines - This billionaire earned an extra $18.5 billion in 2014, making him the biggest financial gainer of the year, according to Wealth-X. Another billionaire, on the other hand, lost $7 billion, making him the biggest financial loser of 2014.

Wealth-X, a leading ultra high net worth intelligence and prospecting firm, said Alibaba founder and executive chairman Jack Ma added $18.5 billion to his wealth this year, bringing his total net worth to $29.2 billion. The 173 percent increase in his fortune was attributed to Alibaba's blockbuster IPO in September, and its stock's continued strong performance.

Highly-respected investor Warren Buffet ranked second on Wealth-X's list of top financial gainers, with a $13.5 billion increase in his fortune to $72.6 billion in 2014.

Bill Gates, who is still the world's richest man, added another $10.5 billion to his wealth in 2014 to reach $83.1 billion.

Facebook founder Mark Zuckerberg saw his fortune increase by $8.4 billion to reach $33.1 billion this year.

French-Israeli businessman Patrick Drahi added $5.1 billion to his wealth to hit $12.9 billion in 2014. Drahi founded telecommunications company Altice, which raised $1.8 billion from an IPO in January.

Biggest loser

Wealth-X also compiled the year's biggest financial losers.

Russian billionaire Leonid Mikhelson lost $7 billion, more than 40 percent of his wealth, due to the plunging Russian ruble, as well as weak oil prices. Mikhelson, who is the biggest shareholder of natural gas producer Novatek, is now worth $10 billion.

Japanese tycoon Masayoshi Son, who is the CEO of Soft Bank, saw a $5.9 billion reduction of his wealth this year, bringing it to $13.2 billion.

Hong Kong's second richest man Lui Chee Woo lost $5.5 billion of his fortune in 2014. His wealth is now at $14.1 billion. He is the chairman of K. Wah Group, which owns Galaxy Entertainment Group.

Amazon president, chairman and CEO Jeff Bezos' wealth was also reduced by $5.5 billlion this year, leaving him with $28.9 billion.

Sheldon Adelson, who is chairman and CEO of Las Vegas Sands, lost $5.2 billion of his fortune this year. His wealth is now estimated at $30.1 billion.