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Richest Americans hit by downturn | Richest Americans hit by downturn |
(about 2 hours later) | |
The collective wealth of the richest 400 Americans has fallen by $300bn (£187bn) over the past year, according to the latest Forbes 400 rich list. | |
With downturn in the financial markets and wider economy taking its toll, this is an annual decline of 19%. | With downturn in the financial markets and wider economy taking its toll, this is an annual decline of 19%. |
Out of the 400 people on the list, business magazine Forbes estimates that 314 saw their wealth decline. | Out of the 400 people on the list, business magazine Forbes estimates that 314 saw their wealth decline. |
It was only the fifth time since the Forbes 400 was first compiled in 1982 that the collective wealth has fallen. | It was only the fifth time since the Forbes 400 was first compiled in 1982 that the collective wealth has fallen. |
RICHEST FIVE AMERICANS 1 Bill Gates, $50bn, down $7bn2 Warren Buffett, $40bn, down $10bn3 Lawrence Ellison, $27bn, unchanged4 Christy Walton and family, Wal-Mart, $21.5bn, down $1.7bn5 Jim Walton, Wal-Mart, $19.6bn, down $3.8bn Source: Forbes 400 | RICHEST FIVE AMERICANS 1 Bill Gates, $50bn, down $7bn2 Warren Buffett, $40bn, down $10bn3 Lawrence Ellison, $27bn, unchanged4 Christy Walton and family, Wal-Mart, $21.5bn, down $1.7bn5 Jim Walton, Wal-Mart, $19.6bn, down $3.8bn Source: Forbes 400 |
The second richest person on the list - celebrated investor Warren Buffet - saw the biggest financial decline over the past year, losing an estimated $10bn. | The second richest person on the list - celebrated investor Warren Buffet - saw the biggest financial decline over the past year, losing an estimated $10bn. |
Meanwhile, disgraced financier Sir Allen Stanford has fallen off the list. | Meanwhile, disgraced financier Sir Allen Stanford has fallen off the list. |
The assets at Sir Allen's banking empire have been frozen since the start of the year after he was accused of running an $8bn fraud. | The assets at Sir Allen's banking empire have been frozen since the start of the year after he was accused of running an $8bn fraud. |
Sir Allen has pleaded not guilty to the charges, and continues to be held in detention ahead of his trial. | Sir Allen has pleaded not guilty to the charges, and continues to be held in detention ahead of his trial. |
Microsoft co-founder Bill Gates remains top of the list, worth an estimated $50bn. | Microsoft co-founder Bill Gates remains top of the list, worth an estimated $50bn. |
Of the 10 richest Americans, third place Lawrence Ellison was the only one to see his wealth remain unchanged. He is worth an estimated $27bn. | Of the 10 richest Americans, third place Lawrence Ellison was the only one to see his wealth remain unchanged. He is worth an estimated $27bn. |
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