Buffett regains richest American throne

Saturday, October 11, 2008 at 5:10 am

Within a month of losing his place as the richest person in the US, legendary investor Warren Buffett has regained the position from his friend and software czar Bill Gates in rankings published by Forbes magazine.

Noting that the rich have got poorer, except Buffett, in the ongoing meltdown at the stock market, the American business publication said in a report in its latest edition that Oracle of Omaha has re-emerged as the richest person in the US with a net worth of 58 billion dollars.

“September was a rough month for people with large portfolios. Since we locked in prices for our annual survey of America’s richest in late August, 17 of the plutocrats have lost more than one billion dollars,” Forbes Magazine said in its edition dated October 27, 2008.

Last month, the magazine ranked Bill Gates as America’s richest person with a net worth of USD 57 billion, followed by Buffett at the second place with USD 50 billion. Gates had returned to the top place in the annual list of 400 Richest Americans after losing out this position for a few months to Buffett. However, as per the latest calculation, published in the Forbes edition, Gates’ net worth has fallen down to USD 55.5 billion.

In its list of the world’s richest billionaires published in March this year, Forbes had ranked Buffett as on the top with a net worth of USD 62 billion, followed by Mexican telecom tycoon Carlos Slim Helu at the second and Gates at the third position with fortunes of USD 60 billion and USD 58 billion respectively.

America’s rich list, published last month, was based on net worth figures as on August 29, while the revised figures are based as on October 1. Forbes said that Buffett is the “big winner” during this period, whose shares of Berkshire Hathaway rose 17 per cent last month, adding USD 8 billion to his fortune.

“Bill Gates lost USD 1.5 billion in the same period, putting the Oracle of Omaha comfortably in first place on The Forbes 400,” it added. It named casino mogul Sheldon Adelson as “the biggest loser” with a loss of USD four billion in September, which came on top of USD 13 billion lost between August 2007 and 2008.

(With inputs from agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Buffett regains richest American throne

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