15 World billionaires who lost their riches (+Photos)

5. Bjorgolfur Gudmundsson

Bjorgolfur Gudmundsson might have a very hard name to pronounce, but he is a well-known businessman in Iceland. At the peak of his career, Gudmundsson was known as the second billionaire businessman in Iceland with a net worth of over $1.1 billion. Furthermore, this one-time footballer, chairman and majority owner of Landsbanki, an Icelandic bank, was according to Forbes the 1014^thrichest man in the world in 2008. However, Gudmundsson lost everything within a very short time as a result of falling into serious debts that left him with a net worth of $0 by December 2008, and he was declared bankrupt by the end of July the following year. SEE ALSO: 7 Celebrities that went from rich to broke – This list will shock many! (+Photos)