Faustian Posted March 12, 2009 Report Share Posted March 12, 2009 Rich list hit by economic crisis http://news.bbc.co.uk/1/hi/business/7938227.stm 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. 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) 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. Regional shifts In the regional stakes, countries like India and Russia lost ground this year to the US, which reasserted its dominance over the world's wealthy elite. The three richest men in India all saw their fortunes plummet by more than half, while Russian billionaires lost a total of $369bn between them. US citizens now lay claim to 10 of the top 20 spots - up from four last year - while the US is also the country with the most billionaires. As a result New York has also toppled Moscow as home to the most names on the rich list with 55 billionaires.The Russian capital itself has slipped to third place, with 27 members on the list, while London has edged into second place with 28 billionaires. Link to comment Share on other sites More sharing options...
drogon Posted March 12, 2009 Report Share Posted March 12, 2009 I feel sorry for them (heavy irony inside)... I mean, it must be difficult to handle life if you had, say 40 billions and you are down to 20 billions, must be really harsh...especially compared to 2 million children dying from diarrhea every year etc.... Link to comment Share on other sites More sharing options...
unit731 Posted March 12, 2009 Report Share Posted March 12, 2009 What is sad in all this is that charitable foundations have seen their wealth decline. Bill Gates gave away about half his fortune to a charitable foundation. That value too has declined substantially. Link to comment Share on other sites More sharing options...
shygye Posted March 12, 2009 Report Share Posted March 12, 2009 Zimbabwe is introducing a Z$100 trillion note, currently worth about US$30 (£20), state media reports. Other notes in trillion-dollar denominations of 10, 20 and 50 are also being released to help Zimbabweans cope with hyperinflation. Zimbabwe, the leader in trillionaires. Link to comment Share on other sites More sharing options...
unit731 Posted March 12, 2009 Report Share Posted March 12, 2009 Zimbabwe is introducing a Z$100 trillion note, currently worth about US$30 (£20), state media reports. Other notes in trillion-dollar denominations of 10, 20 and 50 are also being released to help Zimbabweans cope with hyperinflation. Zimbabwe, the leader in trillionaires. Hey, the next time any punters out there visit Zimbabwe, please pick me up and bring back a few of these notes. I want to hold a trillion - or billion - for that matter - for awhile. Anyone travel to Zimbabwe on a regular basis? Link to comment Share on other sites More sharing options...
unit731 Posted March 12, 2009 Report Share Posted March 12, 2009 Mugabe to appoint new war veterans as real ones are all dead HARARE. Zimbabwean despot Robert Mugabe will confer official war veteran status on 500,000 teenaged boys this week as part of his 85th birthday celebrations, after it emerged that the last genuine veteran of the guerilla war died of cholera this morning. The new war veterans will be tasked with "rebuilding Zimbabwe by hitting MDC pigs with half-bricks". The current life expectancy in Zimbabwe is 38, and given that the country's civil war ended in 1980, the only surviving genuine ZANLA veterans would need to have enlisted at the age of 9. According to the country's national archives, currently housed in an empty Chibuku skud in a field outside Harare, the youngest recruit was Twinkie Matambanadzo, 13, who was sold to the Zanu armed forces by his parents who wanted their son to see the world and thought the militia was a traveling circus. LINK Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted March 12, 2009 Report Share Posted March 12, 2009 Zimbabwe is introducing a Z$100 trillion note' date=' currently worth about US$30 (£20), state media reports. Other notes in trillion-dollar denominations of 10, 20 and 50 are also being released to help Zimbabweans cope with hyperinflation. [/i'] Zimbabwe, the leader in trillionaires. Hey, the next time any punters out there visit Zimbabwe, please pick me up and bring back a few of these notes. I want to hold a trillion - or billion - for that matter - for awhile. Anyone travel to Zimbabwe on a regular basis? the money might not do you any good. The last I knew, they had expiration dates on their money. Link to comment Share on other sites More sharing options...
TroyinEwa/Perv Posted March 13, 2009 Report Share Posted March 13, 2009 This picture shows it's true....use your money before it expires....unreal. For those with bad eyes (mine are getting there) right below the written Ten Million Dollars it says "on or before 30th June 2008" Link to comment Share on other sites More sharing options...
khunsanuk Posted March 13, 2009 Author Report Share Posted March 13, 2009 Hi, Unreal. Sanuk! Link to comment Share on other sites More sharing options...
Faustian Posted March 13, 2009 Report Share Posted March 13, 2009 It's crazy to think that was a year ago...and now they are printing trillion dollar notes. Can't wait until they hit quadrillion or quintillion. Wont be too long! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.