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.
Some of the wealthy men we see in the society are owing huge debts due to loans they took from bank to make investments, and they use some of their properties as collateral. You should not be surprised that a billionaire went broke because if you are opportune to be close to those people we see as wealthy, some of them face more severe challenges even more than the ordinary man but the only difference is that they take high risks and when it goes well for them their wealth increases. Some big men invested their money in high risks businesses such that if it fails, it will cause great havoc to them. I have had the privilege to be close to some wealthy people and to be frank, what mostly makes a big man to fall is getting involved in businesses that has high risks conditions and taking too many loans.
I agree because many millionaires became billionaires because they used their money on good businesses and they became double and triple their money by investment in good assets and they invested on new businesses. But there could be chance of any manger fled and business owner took debt from the bank and then owner will be on the road. We saw that kind of many cases where owner lose all money because he trusted on wrong people. He should hire the people who are resident of your town and have assets and then you should check and balance all the things of your business because nobody will do like you.But many of millionaires have no time ,So at that time they could lose their money and they could lose respect in the society.