Rich list hit by economic crisis

[Lambo]

The financial crisis is taking its toll on the world's richest people, wiping 332 names off Forbes magazine's "rich list" of world billionaires.

Just 793 people can now lay claim to a place on the list, but on average they have lost 23% of their wealth.

The stock market collapse helped Microsoft founder Bill Gates regain the top spot, despite his wealth declining $18bn (£13.06bn) to $40bn.

He ousted investor Warren Buffet, whose fortune declined by $25bn to $37bn.

In 2008, Mr Buffet had managed to end Bill Gates' 13-year reign at the top as shares in his firm Berkshire Hathaway surged to a record of $150,000 per share just before Forbes formulated its 2008 ultra-rich list.

Top five billionaires

1. Bill Gates - 40 BN
2. Warren Buffet- 37 BN
3. Carlos Slim- 35 BN
4. Lawrence Ellison - 22.5BN
5. Ingvar Kamprad - 22 BN

Declining fortunes

However, the financial crisis has since taken its toll on Berkshire Hathaway, with its share value sinking 50% over the past 12 months.


BILLIONAIRES IN 2009

Total number: 793 (1,125 in 2008)
Net worth: $2.4tn ($4.4tn in 2008)
Women: 72 (99 in 2008)
Average age: 63.7 (61 in 2008)

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Indian businessman Anil Ambani experienced the biggest reversal of fortunes, slipping to number 34 on the list from number six last year, as his net worth sank by $31.9bn to $10.1bn.

The declining health of the world economy meant that to make the top 20 on the Forbes list this year a net worth of just $14bn was needed - compared with $21bn in 2008.

And in the past year, only 44 people on the list managed to increase their fortunes, compared with 656 who lost money.

Mayor of New York Michael Bloomberg was the only member of the top 20 who managed to increase his net worth.

His wealth rose by $4.5bn after a re-evaluation of his financial data firm Bloomberg LP.

Discount success

But the credit crunch did prove to be a boon for some names on the rich list, with nine out of the top 20 boosting their fortunes from discount retailing.

Japan's Tadashi Yanai, founder of budget retailer Uniqlo, was one of the few newcomers to the 2009 list entering it at number 76 with a net worth of $6bn.

Meanwhile German Karl Albrecht moved up from number 10 to number six as his supermarket chain Aldi cashed in on its cut price credentials.

His rise in position came despite the fact that Mr Albrecht's net worth in absolute terms declined to $21.5bn from $27bn last year.

[jonathanfigaro]

I guess the economy has hit every one from the mega poor to the mega rich.

In what ways has the economy hit you Lambo?

[SophieM]

It was like that in The Sunday Times Rich List...someone (possibly Alan Sugar) had lost 100 million in value, but had gone up 30 places.

[Lambo]

I guess the economy has hit every one from the mega poor to the mega rich.

In what ways has the economy hit you Lambo?

I actually haven't been affected at all to be honest. All my major investements were executed after the initial downturn in the economy, now that it has recovered since November and January levels, I am actually in the green! And I think it will only get better!