Skip to comments.America's Richest Lose $300 Billion In A Year
Posted on 09/30/2009 7:48:58 PM PDT by Dallas59
merica's richest people are getting poorer, according to this year's Forbes 400 list.
The annual ranking of the 400 wealthiest US citizens shows their net worth has dropped by $300bn, from $1.57 trillion to a paltry $1.27 trillion.
That includes a loss of nearly $40bn for the top ten alone.
The decline can be attributed to the global economic crisis, which has affected the capital and housing markets, as well as fraud and divorce, causing 314 returning members to record a loss.
Warren Buffett, who remains at number two, was the worst affected by the world recession, losing $10bn over the last 12 months.
Chat-show host Oprah Winfrey was also hit badly, losing $400 million of her fortune.
(Excerpt) Read more at news.sky.com ...
Just think how much better they (and the rest of us) would have been if they had taken a portion of that loss and invested it to fight Obama instead of letting Liberal Millionaires use their money to support socialism.
The left will see this as progress - the reality is that there will now be less money in the economy to use to create jobs - meaning, while the rich may be “poorer”, the poorer will sink to new lows of poverty. Ain’t it great this Socialism of the left?
Poor guys. Some of them will go hungry.
And, unemployment will grow....as long as the rich lose money, they won’t be creating jobs!
Hope and Change for the wealthy.
That’s only 20% of what taxpayers lost.
And no champagne, either!;)