By Aled Herbert, 1 March 2002 07:30
NEWS The world's billionaires got slightly poorer last year as the economic downturn cut into their megabucks. According to a report by Forbes, the exclusive billionaire club lost 11 per cent of its wealth in 2001, while 83 poor souls lost their 10-digit bank balance status altogether. The 2002 survey claims there are now 497 people in the world worth in excess of $1bn, whose assets total between them $1,540bn. This figure is down from $1,730bn in 2001. Microsoft supremo Bill Gates retains his title of world's richest human being, worth around $53bn. Gates retains his top spot despite losing $6bn last year. Microsoft co-founder Paul Allen features at number four in the charts with $25bn, something that is bound to irk Oracle chief Larry Ellison who with $23.5bn is the world's fifth richest person. Losers this year, relatively speaking, include AOL Time Warner vice chairman Ted Turner, whose net worth fell from $9bn to $4bn, and AOL chairman Steve Case who lost his billionaire status and isn't allowed to sit at the big boy's table anymore. Global Crossing chairman Gary Warnick can keep Case company as he too saw his fortunes dwindle. US males dominate the Forbes list. Americans account for 243 places on the billionaire list but accounted for around 70 per cent of those exiting the top tier of fat cats.
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