Forbes magazine released its annual The Forbes 400 list of America’s richest people on Wednesday. According to the report, those with the greatest wealth among us lost money over the past year, with the 400 losing $300 billion to lower their combined worth to a measly $1.27 trillion.
The collective loss among the nation’s wealthiest was only the fifth such decline since 1982. Lower net worth’s were blamed on a number of factors, including failed capital markets and low real estate prices.
Not surprisingly, Microsoft co-founder Bill Gates is the richest man in America for the 16th straight year with a net worth of $50 billion.
The “Oracle of Omaha,” Warren Buffett, lost $10 billion in the past 12 months due to a 20% decline in shares of Berkshire Hathaway, but he still ranks second on The Forbes 400 with a net worth of $40 billion.
Oracle founder Larry Ellison is America’s third richest person with a net worth of $27 billion.
For an in-depth report on The Forbes 400, click here.
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