Federer Drops Out of the Billionaire Club: On Holding Shares Plunge 22 Percent
Market turmoil wipes out more than €45 million from the Swiss tennis legend's wealth in a single day, according to Forbes estimates.
Market turmoil wipes out more than €45 million from the Swiss tennis legend's wealth in a single day, according to Forbes estimates.
Roger Federer is no longer a billionaire, according to the latest estimates published by Forbes on Tuesday, August 11. The Swiss tennis legend lost that status after a sharp decline in the shares of On Holding, the sports equipment manufacturer in which he holds a significant stake. Forbes now estimates his wealth at around €827 million, which is below the billion-dollar threshold.
On Tuesday, On Holding shares fell as much as 22 percent at one point, marking the largest daily drop since the company went public. According to Forbes' estimate, the decline was around 19 percent at the time of calculation, reducing Federer's assets by at least €45 million in a single day. According to data cited by Klix.ba, Federer lost about $52 million due to the market turmoil, bringing his total wealth down to $952 million.
The trigger for the sell-off was On Holding's quarterly results. In the second quarter, the company generated revenues of approximately €907 million, an increase of 13.5 percent compared to the same period last year, but below market expectations of around €937 million.
Particular concern was raised by the slowing growth pace in the U.S. market, which provides On with more than half of its total revenues. In that market, sales grew 13 percent on a currency-neutral basis, compared to 17 percent growth in the previous quarter. The slowdown in this key market was one of the main factors behind investors' negative reaction.
Despite this, the company is not facing an operational crisis. In that quarter, it posted a net profit of approximately €112 million, compared to a loss a year earlier. The company also raised its full-year gross profit margin guidance.
Federer joined On Holding as a co-owner in 2019. Forbes estimates that he now owns about 2.5 percent of the company, while Klix.ba cites a stake of around three percent. The strong rise in the value of that stake was key to Federer entering the billionaire club for the first time in 2025. At that time, his total wealth was estimated at around €955 million, slightly above the billion-dollar mark.
A large portion of Federer's wealth does not come from tennis tournament prize money, but from long-term sponsorship deals and business investments. During his career, he won 20 Grand Slam titles and earned approximately €114 million in tournament prize money, according to Index.hr. Klix.ba, on the other hand, cites $131 million in prize money and nearly $1 billion from sponsors. Sponsorship deals with companies like Uniqlo, Rolex, and Mercedes-Benz, as well as his investment in On, have brought him a significantly larger share of his wealth.
After Federer's exit, only eight names remain on Forbes' prestigious list of athlete billionaires. Among them are Michael Jordan, LeBron James, Tiger Woods, and football icons Cristiano Ronaldo, Lionel Messi, and David Beckham. Former tennis player Ion Tiriac was the first athlete to achieve this feat in 2007, thanks to investments in real estate and the financial sector.
The decline in On Holding shares has thus knocked Federer out of the billionaire club, at least according to Forbes' current estimate. However, he remains very close, and the value of his assets could change again depending on the company's share price.
