Not since 1982, has the collective worth of The Forbes 400, declined five years in a row from $1.57 trillion to $1.27 trillion. Divorce, fraud, and falling capital markets and real estate prices, decreased the fortunes of 314 members down and drove 32 completely off the list. Warren Buffett, America’s second-richest man, saw $10 billion disappear from his personal finances as shares of Berkshire Hathaway fell 20 percent during the last 12 months. He is now worth $40 billion. For the 16th straight year, Microsoft’s co-founder Bill Gates took the top spot. However due to declining outside investments and faltering Microsoft shares, Gates’ net worth is down $7 billion in 12 months. Oracle founder Larry Ellison, MGM Mirage’s Kirk Kerkorian, Enterprise’s Jack C. Taylor, Andrew Beal, Bloomberg co-founder Charles Zegar, Jeffry Picower, Google’s Michael Moritz and Omid Kordestani, and Marvel Entertainment’s CEO Isaac Perlmutter also made the list.
Forbes’ Richest Find Their Funds Depleted
For the fifth time in nearly 30 years, The Forbes 400 saw their combined worth decline in the past 12 months.
October 1, 2009