Forbes top 400 lose $US300 billion during financial crisis

The United States’ 400 wealthiest citizens have lost $US300 billion of net worth over the last financial year due to the global financial crisis, the latest Forbes 400 list reveals.

Warren Buffett, while remaining steady at number two since last year, took the biggest hit. He lost $US10 billion of net worth due to share price drops in his firm Berkshire Hathaway, now worth $US40 billion.

At the top of the list, Bill Gates’ fortune tumbled US$7 billion from last year. The Microsoft Corp founder is now worth $US50 billion.

Oracle Corp founder Lawrence Ellison, ranked as the country’s third richest person, was the only one of the top 10 to not suffer a loss. His net worth remained constant at $US27 billion.

But the top 100 combined lost almost US$40 billion and the net worth of all 400 combined fell 19%, from $US1.57 trillion to $US1.27 trillion.

Forbes 400 list editor Matthew Miller said the results are a “bloodbath”, Reuters reports.

“No one is going to cry for any of these super-rich guys, because even the ones who dropped from $US2 billion last year to $US100 million still have a very nice lifestyle,” he said.

“It really doesn’t spell anything good for any of us. If they’re getting poorer, we’re likely getting poorer.”

The wealth estimates were based on asset values as of 10 September, and is the fifth year since the list’s launch in 1982 that the members’ collective assets have fallen.

New York City Mayor Michael Bloomberg, Koch Industries’ Charles and David Koch and four descendants of Wal-Mart Stores Inc founder Sam Walton also made the top 10.