Against All Odds, Bloomberg Got Richer in 2008

New York mayor got wealthier as rest of rich list top 20 got poorer
By Rob Quinn,  Newser Staff
Posted Mar 12, 2009 4:45 AM CDT
Mayor Michael Bloomberg speaks about the New York City economy in light of the Lehman Brother's bankruptcy filing last year.   (AP Photo/Seth Wenig, file)
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(Newser) – How does he do it? Last year was so bad for the world's billionaires that a third of them were demoted to mere multi-millionaires but Michael Bloomberg bucked the trend big time by actually increasing his wealth, the New York Daily News reports. The New York mayor, with an estimated net worth of $16 billion, is now the 17th-wealthiest person in the world, according to the latest Forbes rich list.

Bloomberg—the only person in the top 20 whose net worth went up in 2008—"is now the richest man in New York City," said a Forbes editor, who added that the financial meltdown was swiftly turning America into a "wealth wasteland."