BusinessInsiders.com released their list of The Biggest Billionaire Losers of 2011. Ikea founder Ingvar Kamprad won the contest on a technicality. He saw his net worth drop from $23B to $6B. However, there’s no need to worry about Kamprad. He’s still okay.
Earlier this year, Swedish journalists revealed that a Liechtenstein-based foundation called Interogo, controlled Ikea. Kamprad, it should be noted, controls Interogo. By using the foundation based in “tax haven” Liechtenstein, Ikea has been able to avoid paying $billlions in taxes. It was reported that Interogo had cash reserves of close to $17B, money which theoretically, is not owned by Ikea.
Kamprad defended the use of the tax dodge. FT.com noted that
the 84-year-old Swede argued that “tax efficiency” was a ¬natural part of the company’s low-cost culture.
Number 2 on the list, Nobutada Saji might have a felt a bit less sanguine about his 2011 losses of $6.6 billion. He’s followed by Anil Ambani whose fortune dropped by $4.9 billion. Anil Ambani has been estranged from his billionaire brother Mukesh Ambani, but there was speculaton of a reconciliation when the Ambani “boys” both attended a family reunion last week.
Click here to see Businessinsider.com’s full list of biggest billionaire losers of 2011.
Bloomberg’s Matthew G. Miller has identified some additional high profile billionaire losers. He points to Oracle’s Larry Ellison whose 1.1 billion shares of Oracle declined by $6.6 billon. In one day, the value of Ellison’s shares fell by almost $3.8 billion. Miller reports that Canadian Paul Desmarais lost $2.9 billion on his shares of Power Financial Corp., while Bill Gates Microsoft shares declined by $3.2 billion.
Miller also cited a few billionaire winners including: William Lei (China). His online gambling, er gaming company NetEase, increased his wealth by $442 million. Leslie Wexner notched a gain of just over a half billion dollars, on his shares of Limitedbrands; and Intel’s Gordon Moore tacked on $600 million with the stock gains that his company posted in 2011.