America's 400 richest surpass $1 trillion US total
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Bill Gates is ranked no.1 on Forbes list of the 400 richest Americans, with a net worth of $85 billion US, up from last year's $59 billion US. (AP/File)
PHIL GALEWITZ
NEW YORK (AP) - The 400 richest Americans have for the first time amassed a total net worth of $1 trillion, a figure greater than the gross domestic product of China, says Forbes magazine.
In the annual ranking of the wealthiest U.S. residents, Microsoft Corp. chairman Bill Gates once again led the way with a net worth of $85 billion US, up from last year's $59 billion US.
The total number of billionaires on the annual list increased by 79 to 268, making 1999 the first time billionaires made up more than half the list, Forbes said in its issued dated Oct. 11.
Second on the list was Microsoft co-founder Paul Allen, with a net worth of $40 billion US. Warren Buffett, chairman of Berkshire Hathaway Inc., ranked third with $31 billion US.
Steve Ballmer, Microsoft's president, was No. 4 with $23 billion US, and No. 5 was Dell Computer chief executive Michael Dell, with $20 billion US.
At least two expatriate Canadians, and ex-Montrealers, made the list: Edgar Bronfman Sr. at $4.2 billion US and publisher Mortimer Zuckerman at $1.2 billion US.
The soaring stock market helped land 60 new names on this year's list, 35 of them billionaires.
Of the rookies, 19 made fortunes from Internet-related businesses, including Amazon.com chairman Jeffrey Bezos, ranked 18th with a net worth of $7.8 billion US. Jay Walker, founder of the online merchant Priceline.com, was ranked 43rd with $4.1 billion US.
Wall Street also helped some on the list become billionaires almost overnight. No. 68 Gary Winnick joined the billionaires club just 18 months after founding Global Crossing, which is building a global fibre-optic telecommunications network.
The minimum net worth needed to qualify for the Forbes 400 rose to $625 million US from $500 million in 1998. The average net worth for the 400 this year was $2.6 billion US.
A college degree was not required to make the list - at least 63 members never graduated from college and their net worth averaged was $4.3 billion US.
Nearly 40 per cent of those on the list, or 149 members, got rich the easy way: They inherited some or all of their wealth. Their average net worth was $2.5 billion US.
The 251 members who made it rich on their own had an average net worth of $2.7 billion US.
The average age of Forbes 400 members was 60, with financier Max Fisher the oldest at 91 and Daniel Ziff, of Ziff Brothers Investments, the youngest at 27.
And nearly a quarter of the 400 live in California - the state's 98 members on the list include many Silicon Valley and other high-tech executives.
A list of the richest Americans, including U.S. citizens now living abroad, as compiled by Forbes magazine. Where more than one name is listed under a number, there is a tie.
1. Gates, William, 43, Bellevue, Wash., $85 billion US
2. Allen, Paul Gardner, 46, Mercer Island, Wash., $40 billion US
3. Buffett, Warren Edward, 69, Omaha, Neb., $31 billion US
4. Ballmer, Steven Anthony, 43, Bellevue, Wash., $23 billion US
5. Dell, Michael, 34, Austin, Texas, $20 billion US
6. Walton, Alice, 50, Rogers, Ark., $17 billion US
6. Walton, Helen, 80, Bentonville, Ark., $17 billion US
6. Walton, Jim, 51, Bentonville, Ark., $17 billion US
6. Walton, John, 53, Durango, Colo., $17 billion US
6. Walton, Robson, 55, Bentonville, Ark., $17 billion US
11. Moore, Gordon Earl, 70, Woodside, Calif., $15 billion US
12. Ellison, Lawrence Joseph, 55, Atherton, Calif., $13 billion US
13. Anschutz, Philip, 59, Denver, $11 billion US
13. Kluge, John Werner, 85, Charlottesville, Va., $11 billion US
15. Anthony, Barbara Cox, 76, Honolulu, $9.7 billion US
15. Chambers, Anne Cox, 79, Atlanta, $9.7 billion US
17. Redstone, Sumner, 76, Newton Centre, Mass., $9.4 billion US
18. Bezos, Jeffrey, 35, Seattle, $7.8 billion US
19. Johnson, Abigail, 37, Boston, $7.4 billion US
20. Kerkorian, Kirk, 82, Las Vegas, $7 billion US
21. Turner, Ted, 60, Atlanta, $6.9 billion US
22. Murdoch, Rupert, 68, New York, $6.8 billion US
22. Schwab, Charles, 62, Atherton, Calif., $6.8 billion US
24. Hewlett, William Redington, 86, Portola Valley, Calif., $6.6 billion US
25. McCaw, Craig, 50, Bellevue, Wash., $6.4 billion US |
