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MONDAY, NOVEMBER 23, 2009
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'Billionaire Bloodbath' Costs America's Super-Rich $300B

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

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(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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11 comments
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I_hate_to_say
Oct 1, 09 3:38 AM CDT
The average stock portfolio in the country lost at least 20% of its value in 2008, and the two year drop in US real estate values is equivalent to wiping out the entire retirement savings of all 78 million Baby Boomers. So we now have fewer billionaires. Cry me a river. Reply
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+6
IN RESPONSE:
I_hate_to_say
Oct 1, 09 3:39 AM CDT
http://www.financialsense.com/fsu/editorials/amerman/2008/0905.html
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+1
rajanKazhmin
Oct 1, 09 4:04 AM CDT
OMG those poor billionaires. I should donate my years salary so one of them can get a nice brunch. Reply
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+4
Krystle
Oct 1, 09 4:21 AM CDT
Heart breaking. A few billionaires are only millionaires now. Somebody call Sally Struthers and get an ad going on national tv ASAP! Reply
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0
drlarrymitchell
Oct 1, 09 4:32 AM CDT
BOO FUCKING HOO. Reply
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0

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