Billionaires feel the pinch … well, sort of

Published on Wednesday 11 March 2009 20:49

BILLIONAIRES across the world have seen their fortunes plummet over the past year as they struggled against recession.

An annual list of the world's billionaires has revealed that 355 have dropped off the list from last year.

And, on average, the world's richest people have lost almost a quarter of their wealth in the past 12 months.

They now have an average net worth of $3 billion (2.17 billion), according to Forbes' 2009 list of World's Billionaires, published yesterday.

The world contained 1,125 billionaires in 2008, but this year there are only 793 – a drop of almost 30 per cent. And nine in ten of those that did make it have lost money this year.

Bill Gates has regained his position as the world's richest man in 2009, despite losing $18 billion (13 billion).

Last year's No 1, Warren Buffett, has slipped into second place, having seen his fortune decline by $25 billion, as shares in his company, Berkshire Hathaway, fell by nearly 50 per cent over the past year.

The UK has 25 billionaires on this year's list, a drop of ten from last year. The Duke of Westminster, Gerald Grosvenor, is the wealthiest, at No 29, with a net worth of $11 billion.

The Virgin boss, Sir Richard Branson, came in at 261, with his fortune shrinking from $4.4 billion to $2.5 billion.

The retailer Sir Philip Green lost $3.6 billion, while the Newcastle FC owner, Michael Ashley, saw his fortune tumble by $1.4 billion.

However, his loss was dwarfed by that of fellow football boss Roman Abramovich, one of 28 billionaires living in London. The Chelsea owner lost a staggering $15 billion during the year, seeing his personal fortune drop to $8.5 billion.

The richest man living in London is Lakshmi Mittal, whose wealth fell from $45 billion to $19.3 billion.

JK Rowling, the Edinburgh-based Harry Potter author, came in at 701. Her $1 billion was unchanged from last year.

New York's mayor, Michael Bloomberg, was the only man in the top 20 to make a gain in 2008. His net worth increased by $4.5 billion following a re-evaluation of his financial data company, Bloomberg.

As fortunes fell in Asia and Russia, Americans once again dominated the super-rich, occupying ten of the top 20 spots, up from only four last year.

The world's biggest loser was last year's biggest gainer. India's Anil Ambani lost $31.9 billion, 76 per cent of his fortune, as shares in his companies collapsed. In 2008 he was worth $42 billion.

AIG's chief executive, Maurice "Hank" Greenberg, and the founder of Facebook, Mark Zuckerberg, both lost their billionaire status.