Posted on 03/11/2009 4:57:36 PM PDT by SeekAndFind
NEW YORK (Reuters) - Microsoft Corp founder Bill Gates is the richest man again, overtaking investor Warren Buffett, as the global financial meltdown wiped out $2 trillion from the net worth of the world's billionaires, Forbes Magazine said on Wednesday.
The number of billionaires in the world fell by nearly a third to 793 in the past year, with large numbers dropping off the list in Russia, India and Turkey.
Gates regained his title as the richest man in the world, with $40 billion after slipping to third last year when he was worth $58 billion. Buffett, last year's richest man, fell to second place with $37 billion, down from $62 billion. Mexican telecommunications tycoon Carlos Slim took third place with $35 billion, down from $60 billion.
Collectively, the top three billionaires lost $68 billion in the year to February 13, when Forbes took a snapshot of wealth around the world to compile its annual list of billionaires.
Chief Executive of Forbes Magazines Steve Forbes said that, while few would shed a tear for the plight of a billionaire, it was bad for the economy when entrepreneurs were in trouble.
"Billionaires don't have to worry about their next meal, but if their wealth is declining and you're not creating numerous new billionaires, it means the rest of the world is not doing very well," he told reporters. "The typical billionaire is down at least one third on their net worth."
The net worth of the world's billionaires fell from $4.4 trillion to $2.4 trillion, while the number of billionaires was down to 793 from 1,125.
"It's the first time since 2003 that we have lost billionaires, but we've never before lost anywhere near this number," said Luisa Kroll, senior editor of Forbes.
(Excerpt) Read more at reuters.com ...
fewer billionaires = fewer millionaires = fewer mom and pop storeowners = a lot fewer jobs for everyone those people hire
The lib/dems can claim victory. They’ve whined for decades that the rich are getting richer. Now the rich are getting poorer. They win - America loses.
Fascinating, something that can only exist with fiat currency. Where did the money go? The answer is nowhere. No one ‘got it’.
Well said and seconded.
BG just sold buckets of Berkshire Hathaway shares since Jan thru March. He got a price, too. Looked to me like he was dumping.
If Buffet or any billionaire/millionaire loses half their fortune and it is all counted as a loss, does he/she pay taxes?
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