Slide Show | April 2013

See All Slide Shows   Page 1 of 8  

6 Millionaires Who Lost It All, but Came Back

slideshow image

Thinkstock

Just because you’ve attained wealth doesn’t mean you’ll keep it. In 2011, the number of millionaire households in the U.S. dropped by nearly 2.5% (from 5,263,000 in 2010 to 5,134,000 in 2011), according to The Boston Consulting Group, a global management consulting firm.

Even the richest of the rich aren’t immune from sudden -- and complete -- plunges in net worth. The big names we’ve rounded up here, from Olympic gold medalist Dorothy Hamill to financial businessman Bill Bartmann, all filed for bankruptcy at one point, falling into the same money-draining traps that can cost us all: poor budgeting, loose spending habits, failed business ventures, even extending too much financial support to friends and family. They’ve managed to rebuild their professional and financial lives. Here’s how they did it.

EDITOR’S NOTE: A previous version of this slideshow included a slide, based on a respected news source, reporting that the musician Elton John had filed for bankruptcy in 2002. Although that claim circulates widely on the Web, we have since learned that it is false. Elton John has not filed for bankruptcy. We regret the error.

We attempted to contact all of the people mentioned for an interview; however, some declined to comment.

6 Millionaires Who Lost It All, but Came Back
Advertisement

Popular Slideshows


DISCUSS

Permission to post your comment is assumed when you submit it. The name you provide will be used to identify your post, and NOT your e-mail address. We reserve the right to excerpt or edit any posted comments for clarity, appropriateness, civility, and relevance to the topic.
View our full privacy policy


print / view as single page order a reprint
Advertisement
Advertisement
Get valuable updates from Kiplinger directly to your e-mail

Featured Videos From Kiplinger