India@75: A nation in the making

Down and out: 138 of last year's richest are not billionaires anymore

Published: Apr 6, 2015 06:26:13 AM IST
Updated: Apr 1, 2015 01:34:57 PM IST
Down and out: 138 of last year's richest are not billionaires anymore
Mark Vadon

Here’s what happened to four

William Erbey    (US)

2014 Net Worth: $2.5 bln
Current Net Worth: $540 mln
The stock price of Erbey’s Ocwen Financial, a major subprime-mortgage servicer, has
plunged nearly 75 percent on accusations of wrongful foreclosures and self-dealing; the company settled with New York regulators for $150 million. Erbey stepped down as chairman in January.

Yuri Kovalchuk (RUSSIA)
2014 Net Worth: $1.4 bln
Current Net Worth: $650 mln
Vladimir Putin’s close pal (the two own neighbouring vacation dachas) was targeted by western sanctions, which have hobbled his media and financial holdings—including Bank Rossiya, where Putin and his closest advisors stash their cash.

Mark Vadon (US)
2014 Net Worth: $1.35 bln
Current Net Worth: $670 mln
Vadon’s niche brand retailer, Zulily.com, has struggled to convince investors it can credibly chip away at Amazon’s dominance. Zulily stock is down 80 percent since its 2014 high.

Petro Poroshenko (UKRAINE)
2014 Net Worth: $1.3 bln
Current Net Worth: $720 mln
The Ukrainian confectioner’s net worth has sagged in tandem with his battered country’s currency. One consolation: The dubious prize of Ukraine’s presidency, to which Poroshenko was elected last May.

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(This story appears in the 17 April, 2015 issue of Forbes India. To visit our Archives, click here.)

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