Israel’s richest man - fortune previously estimated at $6 billion - suffered great loses in 2008 due to the global economic crisis and particularly due to the slump in American real estate values.

Leviev’s Africa Israel Investment lost $1.14 billion in 2008, $642 million in the fourth quarter alone, recording a record loss for an Israeli firm.

The company has been faring poorly for a while, by 2007 it had already lost its position amongst Israel’s top 500 companies. Leviev has also probably lost a lot of money, but figures for that are not yet available.

Leviev’s is quite a controversial business man. A Russian immigrant to Israel he has invested heavily in building illegal Israeli settlements in the West Bank. Because of that his diamond store chain is listed on the boycott list by pro-Palestinian groups.

And Hollywood celebrities have boycotted his diamond photo book, and those who did came under great scrutiny.

Recently, the British government canceled a planned move-in to one of Leviev’s Tel Aviv high rises after a campaign by pro-Palestinian, anti-occupation group.

Because of his illegal activities, the London Stock Exchange is considering de-listing his company.

Maybe his recent losses will get him to cut back on his illegal settlement building.