Incredible: 20 Millionaires Who Went Bankrupt


You will agree with me that what actually makes celebrities overly popular is not just their talents, but the wealth they are able to create using these talents. In our world today, poverty doesn’t get you celebrated, the celebrity status is very much synonymous with stinking wealth. While others make fortunes via incredible talents in music, acting, modelling and sports, others are top business tycoons, earning fortunes from their various merchandise and investments. Unfortunately, not all of them are able to stay glued to the elite list, as a result of finance mismanagement, unwise investments, gambling, crime, among other reasons. However, while some of them struggle to pick up the pieces, some are held back behind bars. So lets take a look at some millionaires who went bankrupt sometime in their lives, in no particular order.

1. Bjorgolfur Gudmundsson

bjorgolfur gudnundson

The former owner of English club, West Ham United was once one of the richest men in Iceland. Evaluated by Forbes in 2008 to have a net worth of $1.1 billion, he became totally broke in 2009 with a net worth of $0, owing a debt of $750 million, speak of grace to grass. This happened as a result of the credit crisis that hit Iceland which affected the major source of his wealth – his stakes in Landsbankin, Iceland and all his assets. He was also suspected of embezzling money and went behind bars for a year. He made his comeback after he returned from Russia and is now involved in diversified investments.


2. Nicolas Cage


This man isn’t one to ask for money management tips. The actor earned about $40 million yearly, but  waited till the verge of bankruptcy to pay his taxes. He quickly lavished all of his money on unnecessary frivolities including a private island, fleet of 22 cars including 9 Rolls Royce, a yacht, private jet, artworks, animals, to mention but a few. The result of not cutting his cloth according to his size saw him incur a debt of $13 million to the IRS. Luckily for Cage he still got his acting mojo working and can ‘Face off’ the debts.

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