Former financial arbitrage trader Jerome Kerviel is the most indebted man on the planet, owing his former employer $6.3 billion. The amount Kerviel owes to French bank Societe Generale for fraudulent trades made in 2007 and 2008 would make Kerviel one of the 50 richest people in America if those debts were assets.
1. Michael Jackson. The King of Pop reportedly died $400 million in debt. Selling more than 61 million albums in the U.S. didn't stop the singer from borrowing, and spending, huge sums of money over his career.
Jerome Kerviel Net Worth
Jerome Kerviel has a net worth of -$6.7 billion making him the poorest person in the world. Kerviel would have become one of the 50 richest people in America if the debts he owes to French bank Societe Generale for fraudulent trades were assets.
Jerome Kerviel: The most indebted person in the world, owes $4.9 billion.
Jerome Kerviel was a junior level derivatives trader for French securities firm Société Générale. He was charged with losing more than €4.9 billion in company assets by conducting a series of unauthorized and false trades between 2006 and early 2008.
Jerome Kerviel is now working as a constant in France after serving his three-year prison term.
In October 2010, Kerviel was sentenced to three years in jail after being convicted by a Paris court of breach of trust and fraud in the loss of €4.9bn in equity derivatives trades that went wrong in 2008. He was released in September 2014, with an electronic bracelet, after spending less than five months in prison.
China has steadily accumulated U.S. Treasury securities over the last few decades. As of October 2021, the Asian nation owns $1.065 trillion, or about 3.68%, of the $28.9 trillion U.S. national debt, which is more than any other foreign country except Japan.
Some of the common reasons include having to pay out after a divorce, or because the celebrity didn't pay their taxes to the IRS. Some celebrities see their spending spiral out of control, or make rash or unwise business decisions. Others may have a large number of hangers-on who benefit from the celeb's wealth.
There is only one “debt-free” country as per the IMF database. For many countries, the unusually low national debt could be due to failing to report actual figures to the IMF.
Among the 689 million people living in extreme poverty on $1.90 or less a day, there is a man called Jerome Kerviel, who is the poorest person in the world. He was born on January 11, 1977, in Pont-l'Abbé, Brittany, France.
John D. Rockefeller is held to be the world's first official billionaire, achieving that status in 1916 largely through his ownership of Standard Oil. From that point nearly a century ago, wealth has multiplied to the point where the richest men in the world top out at around $100 billion.
Not all debt can be so easily classified as good or bad. It often depends on your own financial situation or other factors. Certain types of debt may be good for some people but bad for others: Borrowing to pay off debt.
1. Venezuela – 304.125% The data available from 2020 estimates the national debt of this South American country at $160 billion. This puts Venezuela solidly in the lead when it comes to the countries with the highest debt.
Spending extravagantly as well as a lack of financial knowledge and planning is how some of the most iconic athletes have ended up broke.
Sports stars and celebrities are idolised for their talents and, oftentimes, their looks, so it makes sense that brands are keen to profit off their cachet through job contracts and endorsement deals. That makes their monetary value far higher than the average teacher or nurse.
Foreign holders of United States treasury debt
Of the total 7.55 trillion held by foreign countries, Japan and Mainland China held the greatest portions. China held 1.05 trillion U.S. dollars in U.S. securities. Japan held 1.3 trillion U.S. dollars worth.
What happens if the U.S. defaults? If Congress doesn't suspend or raise the debt ceiling, the government would not be able to borrow additional funds to meet its obligations, including interest payments to bondholders. ... The dollar's value could collapse, and the U.S. economy would most likely sink back into recession.
Mr Kerviel, 39, served a three-year jail term after being convicted of breach of trust and fraud in October 2010. He was charged with gambling €50bn (£39bn) of Societe Generale's money on trades without the bank's knowledge, which nearly brought down the business.
Jeff Bezos is the world's richest for the fourth year running, worth $177 billion, while Elon Musk rocketed into the number two spot with $151 billion, as Tesla and Amazon shares surged. Altogether these billionaires are worth $13.1 trillion, up from $8 trillion in 2020.