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5 People Who Fell Off The 2024 Billionaires List

$14.2 trillion, on Forbes’ 2024 World’s Billionaires list—but not everyone is celebrating. An unlucky quarter of those on the ranking are poorer than they were in 2023. And 189 people fell below the $1 billion threshold, losing their membership to the three-comma club entirely. These billionaire drop-offs include moguls behind some notable brands, such as Estée Lauder heir Gary Lauder; Hajime Satomi, former CEO of Japanese gaming company Sega Sammy; and David Tran, owner of the company behind Sriracha hot sauce. The overwhelming majority of the losses came from China, one of the few huge markets to sputter in an otherwise-positive year amid fallout from slower economic growth, a property market glut, a decline in foreign investment and rising geopolitical tensions. China shed 133 billionaires (including Hong Kong and Macau) since last year’s list. That includes Tang Binsen, founder of the sparkling water company Chi Forest; Hui Ka Yan, chair of embattled real estate developer Evergrande Group; and copper and cable magnate Wang Wenyin, who was worth $19 billion a year ago but dropped from the list after a Chinese court froze his shares of metals company Amer International Group. The United States, meanwhile, which has the most billionaires of any country, only saw eight billionaires drop from the ranks, followed by Japan (6) and Russia (5). The Forbes World’s Billionaires list is a snapshot of wealth using stock prices and exchange rates from March 8, 2024. Some people become richer or poorer within days of publication. We list individuals rather than multigenerational families who share fortunes, though we include wealth belonging to a billionaire’s spouse and children in certain cases, namely if that person is the founder of the fortune. For Russian billionaires, fortunes were calculated using ownership structures from February 2022, prior to Russia’s invasion of Ukraine and before many made transfers of assets to managers, friends and others in an effort to protect their holdings from sanctions. We value a variety of assets, including private companies, real estate, art and more. We don’t pretend to know each billionaire’s private balance sheet (though some provide it). When documentation isn’t supplied or available, we discount fortunes. For daily updates of net worths, go to forbes.com/real-time-billionaires. Read the full story on Forbes: https://www.forbes.com/sites/richardj... Subscribe to FORBES: https://www.youtube.com/user/Forbes?s... Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more: https://account.forbes.com/membership... Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter:   / forbes   Forbes Video on Instagram:   / forbes   More From Forbes: http://forbes.com Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.