Buffett pips Gates to become richest in Forbes list
10 Oct 2008
Mumbai: Warren Buffett has overtaken Bill Gates as the richest American in the Forbes 400 list, as the market turmoil continued to affect financial fortunes of American business tycoons. The magazine has reworked the list of America's richest accordingly.
In a list planned for release with its 27 October issue, Forbes sees Berkshire Hathaway Inc chairman Warren Buffett adding $8 billion to his net worth in a 33-day period, August 29 to October 1, to reach $58 billion, an agency report said.
With $58 billion net worth, Buffett overtook Microsoft Corporation co-founder Bill Gates, whose net worth declined to $55.5 billion.
During the 33-day period since the stock market crisis set in, Bill Gates, who had been number 1 on the Forbes list for 15 consecutive years, saw his fortunes falling by $1.5 billion.
Another billionaire who saw his net worth decline substantially was Sheldon Adelson, chief executive of Las Vegas Sands Corporation, who saw his net worth drop $4 billion during the period.
The price of getting into the exclusive billionaire's club has gone up to $1.3 billion this year as they've kept up with inflation by getting even richer.
The collective net worth of America's richest rose $290 billion to $1.54 trillion.
Nearly half of the 45 new members of the US rich list made their fortunes in hedge funds and private equity amidst market jitters in the Wall Street.
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