There are whole Facebook groups devoted to hating Bono, and those groups have thousands of members. The U2 singer is widely seen as a hypocrite, preaching about charitable causes and ending world hunger, but at the same time owning shares in Facebook and a luxury hotel chain. On top of that, despite being Irish, he goes to extreme lengths to ensure his tax affairs are dealt with offshore, so he pays as little as possible. The suspicion is that if Bono really cared about making poverty history, with his near-$1bn fortune he could just pay for it to happen.
Regardless of what you think of Bono's charity work, and whether or not he does it to elevate his own profile, what can't be denied is that he's been effective. The National Journal went as far as naming him the most politically effective celebrity of all time. Between charity singles and awareness campaigns, Bono has raised millions of dollars for many causes which support Africa's most vulnerable people. He was also knighted by the Queen of England for his humanitarian achievements.
Not all celebrities have fame and fortune, some are just famous – and in a ton of debt. They came from rags to riches, then went back to rags. Whether they’ve filed bankruptcy, ended up in court, or just can’t stop spending, celebrities mismanage their money just like everyone else. They just hide it well.
50 Cent coined the term “wanksta,” then “partied like it was his birthday” until he filed Chapter 11 bankruptcy in 2015. The rapper was said to be anywhere between $10 million and $50 million in debt. In 2016, a federal bankruptcy court judge in Connecticut approved a plan for the founder of G-Unit to pay his debts back. He was able to get his bankruptcy discharged in February of the following year.
Following a 45-year-long career in Hollywood, acting in more than 70 films, actor Gary Busey found himself in more debt than he was worth. In 2012, it was reported that Busey owed between $500,000 and $1 million worth of debt, but only had $50,000 to his name. The 74-year-old actor owed money to hospitals, banks, the L.A. Waterworks District, and even a storage company. He filed Chapter 7 bankruptcy that same year. Despite his longstanding career in Hollywood, Busey's net worth is now only $500,000.
Burt Reynolds is still worth five million dollars, but his battles with debt date back more than 20 years. Between bad investments and a pricey divorce from actress Loni Anderson, the 1970s superstar had to deal with over $10 million in debt and decided to file Chapter 11 bankruptcy in 1996. While testifying in a 1994 custody hearing, the South Florida native said he spent $40 million getting through his divorce.
The former Hollywood bad boy, Charlie Sheen owes the IRS nearly $5 million. But that's not all. In 2016, his net worth was reportedly still as high as $150 million, but he was nonetheless $12 million in debt at the time – including mortgages, legal fees, and taxes. That same year, Debt.com reported Sheen owed nearly $300,000 on an American Express card alone.