1980's Silver Czar and world's former richest man dies at 88
Dallas-Texas (Oct 22) Nelson Bunker Hunt: World's Former Richest Man and Legendary Horse Owner Dies at 88.
The world's former richest man Nelson Bunker Hunt, who amassed a £16bn fortune, has died aged 88.
The Texas oil tycoon and Derby winning horse owner died in modest circumstances at an old people's home in Dallas after battling Alzheimer's.
He was once considered the world's richest man before he lost billions when the silver market collapsed in the 1980s. He had invested huge sums of money into the market and had at one stage controlled up to half of the world's supply of silver.
He was later fined $10m (£6.2m) and banned from trading in the commodity markets after being charged with conspiring to manipulate the silver market.
After losing more than $1 BILLION in trying to corner the silver market, he said:
“A BILLION DOLLARS AIN’T WHAT IT USED TO BE” (that was in 1980).