Personally I’m finding it difficult to believe a billionaire can go broke due to the worse state of an economy. When I mean broke. To the extend of selling off properties and barely afford a living.
Asking from this question because I know of a billionaire who right now is going about asking people for help because he has gone broke.
People said he went broke due to the way the economy turned out this he tells people who are close to him. On hearing this I felt there was something else behind this man’s success when maybe didn’t end well for him. Because how can the bad state of an economy cause you to go broke. It’s difficult to believe.
Usually it's the opposite, depending on the business of course. When the economy does bad, billionaires get richer, because they know how to take advantage of the bad economy. Look at the profits companies like tesla, amazon, and oil companies tec etc, all made during covid for example. The data isn't hidden, it's there, it's just few years old, they did better than they did in 2019, and that should be considered when you are talking about all these rich people and their companies.
In fact, covid period was the period where most of these rich folks ended up higher as well, Elon peaked at 300+ billion for a while. So we need to realize this isn't going to eb simple, we will face a lot of rich people getting richer instead of poorer.