Itwas an AI-driven boom year for many of the world’s billionaires. Most are richer than they were when they rang in 2025 and, as a group, they’re worth a record $18.7 trillion as of December 22. But not all were winners. Roughly one quarter of the 2,700-plus billionaires that existed at the end of 2024 (excluding 36 who have since died) got poorer over the past year, including 85 who are no longer billionaires.

No one has fallen farther than fifth-generation Hermès heir Nicolas Puech of France, who has alleged that his Hermès shares had vanished and that his late financial adviser had sold the stock without his knowledge to French billionaire Bernard Arnault and his luxury goods conglomerate LVMH (which both Arnault and LVMH have denied). Without those shares, Forbes has dropped Puech—who was worth an estimated $14.8 billion at the end of 2024—off the billionaires list entirely.

Overall, more than 660 billionaires (and former billionaires) are less wealthy in 2025, though most of their circumstances were far less scandalous, with headwinds like tariffs, inflation, higher interest rates and disruptive AI advancements hitting their fortunes. There were losers in most industries, though manufacturing had the most with 101, followed by tech (89) and fashion & retail (77). They hail from 51 countries, though the U.S. led the way with 186 billionaire (and former billionaire) losers, followed by India (109) and China (91).

Gary Friedman, the American chairman and CEO of Restoration Hardware, who has run the publicly traded........

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