Recession Didn’T Hinder Gates Wealth
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Recession didn’t hinder Gates wealth

Microsoft Corp founder Bill Gates is the richest man again, overtaking investor Warren Buffett, as the global financial meltdown wiped out $2 trillion from the net worth of the world's billionaires, Forbes Magazine said on Wednesday.

Gates regained his title as the richest man in the world, with $40 billion after slipping to third last year when he was worth $58 billion. Buffett, last year's richest man, fell to second place with $37 billion, down from $62 billion. Mexican telecommunications tycoon Carlos Slim took third place with $35 billion, down from $60 billion.

"Billionaires don't have to worry about their next meal, but if their wealth is declining and you're not creating numerous new billionaires, it means the rest of the world is not doing very well," he told reporters. "The typical billionaire is down at least one third on their net worth."

The net worth of the world's billionaires fell from $4.4 trillion to $2.4 trillion, while the number of billionaires was down to 793 from 1,125.It's the first time since 2003 that we have lost billionaires, but we've never before lost anywhere near this number," said Luisa Kroll, senior editor of Forbes.

"It's really hard to find something to cheer about unless you get some perverse pleasure in realizing that some of the most successful ... people in the world ... can't figure out this global economic turmoil better than the rest of us."

New York City replaced Moscow as home to the most billionaires, with 55. Russia, which saw the number of super- rich soar in recent years, suffered among the biggest shocks, with the number of billionaires down to 32 from 87.

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