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'Billionaire Bloodbath' Costs America's Super-Rich $300B

Mere multi-millionaires make it into Forbes 400 as slowdown shrinks fortunes

By Rob Quinn,  Newser Staff

Posted Oct 1, 2009 3:24 AM CDT

(Newser) – America's 400 richest people became a whole lot poorer over the last 12 months, according to the latest Forbes list. Their total wealth fell by a whopping $300 billion to a total $1.27 trillion, with 314 of the 400 experiencing a fall in fortunes. A Forbes editor described the last year as a "billionaire bloodbath" that cut the number of billionaires in America to 392 from 489.

Bill Gates remains America's richest man and Warren Buffett is still in second place, even though their fortunes fell by $7 billion and $10 billion, respectively. Some 32 people lost their places on the list over the last year, including Texas money man R. Allen Stanford, whose assets have been frozen while the feds investigate an alleged Ponzi scheme.

Many of the richest Americans have been demoted from super-rich to just extremely wealthy, according to the latest Forbes rankings.
Many of the richest Americans have been demoted from super-rich to just extremely wealthy, according to the latest Forbes rankings.   (Shutter Stock)
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It was a billionaire bloodbath out there. Just a score of people actually made money over the year. It’s been really bad. And there has been no industry that has
been unscathed.
- Forbes senior editor Matthew Miller

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COMMENTS
Showing 3 of 10 comments
yummines
Oct 2, 2009 6:46 AM CDT
it doesnt change these people from being rich. they still make 100x more money than most people in america, so why victimize them? considering many of them probably are bastards... (however i applaud Bill Gates for charity work)
QueenAlli
Oct 1, 2009 12:59 PM CDT
Talk to me when they start collecting food stamps. You know like some of the victims of the former uber rich Madoff. I will not cry for any of these people because they want for nothing. Mr. Gates, however, I thank you for the charity work you are doing.
Doctor-Zaius
Oct 1, 2009 10:59 AM CDT
This is the real cost of the Republicans economic slash and burn deregulation policies; the capitalists themselves. What's really surprising is that years later, after we've dusted ourselves off from this mess, these same people will feed the beast and start the whole process all over again. Some of them have already started.

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