25% of the World’s Billionaires got Poorer in 2025

It was an AI-driven boom year for many of the world’s billionaires, but not everyone benefited.

While global billionaires as a group are worth a record $18.7 trillion as of Dec. 22, 2025, roughly one-quarter of them ended the year poorer than they began, Asia Alexander reported for Forbes.

About 25% of the more than 2,700 billionaires counted at the end of 2024—excluding 36 who have since died—saw their fortunes shrink in 2025, including 85 who dropped off the billionaire list entirely.

No one fell farther than Nicolas Puech, a fifth-generation Hermès heir, who alleged that his shares in the luxury brand vanished after his late financial adviser sold them without his knowledge to Bernard Arnault and LVMH—claims both Arnault and LVMH have denied.

Without those shares, Forbes removed Puech—worth an estimated $14.8 billion at the end of 2024—from its billionaires list.

In total, more than 660 billionaires and former billionaires were less wealthy in 2025, though most losses stemmed from less dramatic factors such as tariffs, inflation, higher interest rates, and disruptive advances in artificial intelligence.

Manufacturing recorded the highest number of billionaire losers (101), followed by technology (89) and fashion and retail (77).

The affected billionaires span 51 countries, with the United States leading at 186, followed by India (109) and China (91).