The 2009 Forbes 400 list just came out and I found myself more interested in the rankings than I’ve been in awhile.
Overall, the big guys lost money for only the 5th time since 1982. Their losses were a combined $300 billion in net worth.
Faltering capital markets and real estate prices, along with divorce and fraud, pushed the fortunes of 314 members down and drove 32 plutocrats off the rankings….The 10 richest Americans lost a combined $39.2 billion in the past 12 months, a 14% decline.
Gates is still on top ($50 billion) followed by Buffett, who lost $10 billion (he’s down to his last $40 billion), and Oracle’s Larry Ellison is still clinging to the 3rd spot with a measly $27 billion.
But the moves beneath the top ten were where the action was:
The biggest gainer is banker Andrew Beal, who tripled his net worth to $4.5 billion buying up cheap loans and assets as the markets crumbled last fall.
Newcomers to the list include Marvel Entertainment chief Isaac Perlmutter, whose net worth soared to $1.55 billion after Disney agreed to buy the superhero outfit in August for $4 billion in cash and stock.
Other new members include Bloomberg LP co-founder Charles Zegar ($1 billion), mapping-software magnate Jack Dangermond ($2 billion) and trading titan Steven Schonfeld ($1 billion).
Congrats to the up-and-comers, I’ll be up there with you guys someday.
The full list is worth a look: