There is no direct equivalent, but the common expression used for any situation where someone goes from a low point to great success is a paraphrase of a Talmudic expression:
מאיגרא רמא לבירא עמיקתא (mi’igra rama lebira amiqta)
Which is Aramaic for “from a high roof to a deep hole”.
So “rags to riches” would be the opposite: מבירא עמיקתא לאיגרא רמא (mi’bira amiqta le–igra rama).