Bill Gates tops Forbes billionaires for fifth year
Reuters Story - September 27, 1998 18:45
NEW YORK, Sept 27 (Reuters) - Bill Gates, chief of software giant Microsoft Corp. , topped the list of the richest Americans
for the fifth year in a row, Forbes magazine said in its annual listing of the Forbes 400.
However, the recent stock market decline, including the 500 point drop on Aug. 31, shaved $9 billion from Gates' net worth,
putting him at $58.4 billion. Yet, he is still worth $18 billion more than last year, the magazine said in its Oct. 12 issue.
Investor Warren Buffet, whose net worth fell about $7 billion due to the stock drop, was No. 2 at $29.4 billion.
Forbes said that despite the stock market drop that pushed many potential billionaires off the list of the country's 400 richest
individuals, there are 189 billionaires in the United States this year, up from 170 last year.
The average net worth of the Forbes 400 is $1.8 billion. Among list members in their 60s, the average net worth is $1.7 billion.
Among list members in their 40s, the average is $3.2 billion.
Only 58 members of the list are women.
The magazine said that 75 members of the Forbes 400 got their wealth from finance and investments; 64 members got theirs
from media and entertainment; 38 from software and technology; 27 from real estate and 27 from oil and gas.
In all, 171 members inherited at least some of their wealth.
New to this year's list are Jeff Bezos, founder of online bookseller Amazon.com , worth $1.6 billion, and Marcy Carsey and
Tom Werner, producers of television hits "Cosby," "Roseanne" and "3rd Rock from the Sun," each worth $600 million.
Two other Microsoft executives are among the top 50. Paul Allen is No. 3, worth $22 billion, and Steven Ballmer is No. 5,
worth $12 billion.
The owner of computer company Dell Computer Corp. , Michael Dell, is No. 4 on the list, worth $13 billion. Dell is also one
of the youngest among the Forbes 400, aged 33.
One of the oldest on the list is Irene Wells Pennington, aged 99, of Baton Rouge, Louisiana, whose $600 million net worth is
attributed to oil.
Among the entertainment world, director Steven Spielberg is worth $1.6 billion, director George Lucas is worth $2 billion, talk
show host and actress Oprah Winfrey is worth $675 million and Walt Disney Co. Chairman Michael Eisner is worth $710
million.
Most of the nation's 400 richest individuals live in California, with 90. New York is second with 51, followed by Texas, 30;
Pennsylvania, 16; Massachusetts, 15; Michigan, 15; and Florida, 14.
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