Number of Billionaires Drops by 30 Percent
The severe recession that is being felt throughout the world is impacting people in the entire spectrum of wealth, from the world’s poorest to billionaires. Forbes Magazine reported that the number of World Billionaires has been reduced from 1,125 last year to 793 this year.
The typical billionaire has lost at least 1/3 in net worth, corresponding to a total decrease in wealth from $4.4 trillion to $2.4 trillion. Half of the billionaires in India and two thirds of the billionaires in Russia have dropped off the list.
The top three richest men in the world still command an enviable amount of wealth, but they all have lost a significant amount of money:
- Bill Gates, worth $40 billion, down $18 billion
- Warren Buffet, worth $37 billion, down $25 billion
- Carlos Slim, worth $35 billion, down $25 billion
Watch the video below from BBC including an interview with Steve Forbes who succinctly explains why the drop in the number of billionaires in the world in important and how it impacts all of us:
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In the last article entitled “Recession Redefines Success” we discussed how more than 24 million Americans shifted their financial condition from “thriving” to “struggling” and how this has forced all of us to rethink about the meaning of success. As a result, perhaps being part of an elite group of World Billionaires will lose its cachet, and people will start paying more attention to other types of lists that emphasize the recent shift in values in our society.
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