Lessons in loss from the ultrawealthy

New York

DOV Charney, founder of the now-bankrupt retailer American Apparel, and Sam Wyly, who has bought and sold a dozen companies over the decades, from computer companies to steak houses, were both larger-than-life characters with checkbooks to match.

But the two self-made men have something else in common. In less than 18 months, their individual net worth fell by more than 50 per cent, according to research conducted for The New York Times by Wealth-X, which provides data and insights on the world's wealthiest individuals.