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Forbes 400 Richest Americans- Almost all of America's wealthiest citizens are poorer this year.
yahoo ^ | Wednesday, September 30, 2009 | Forbes

Posted on 10/01/2009 1:56:44 AM PDT by dennisw

America's super rich are getting poorer. For only the fifth time since 1982, the collective net worth of The Forbes 400 — our annual tally of the nation's richest people — has declined, falling $300 billion in the past 12 months from $1.57 trillion to $1.27 trillion.

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.

Hurt the most: Warren Buffett, America's second-richest citizen. The Oracle of Omaha dropped $10 billion from his personal balance sheet as shares of Berkshire Hathaway fell 20% in 12 months. He is now worth $40 billion.

Beating out Buffett for the 16th straight year as America's richest man is Microsoft co-founder Bill Gates. Sluggish Microsoft shares and declining outside investments pushed the software visionary's net worth down $7 billion in 12 months.

Rounding out the top 10 on The Forbes 400: Oracle founder Larry Ellison ($27 billion); Wal-Mart heirs Christy Walton ($21.5 billion), Jim C. Walton ($19.6 billion), Alice Walton ($19.3 billion), and S. Robson Walton ($19 billion); media maven Michael Bloomberg ($17.5 billion) and energy titans Charles and David Koch ($16 billion each).

The 10 richest Americans lost a combined $39.2 billion in the past 12 months, a 14% decline.

Other big losers include casino mogul Kirk Kerkorian, whose nest egg shed $8.2 billion in the past year. Shares of his gambling giant MGM Mirage have fallen 90% from their October 2007 high.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bhoeconomy; billionaires; millionaires; third100days; topten

1 posted on 10/01/2009 1:56:44 AM PDT by dennisw
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To: dennisw
Leftist politics will definitely do that to people.
2 posted on 10/01/2009 2:05:23 AM PDT by johnthebaptistmoore (Conservatives obey the rules. Leftists cheat. Who probably has the political advantage?)
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To: dennisw
When Margaret Thatcher assumed command in 1979, the top income bracket in England was taxed at 98%. But do we remember this? Do rich North American liberals appreciate what that would mean to them?

Here's a quick quiz for any movie stars listening in. You sign a film deal for $20M. After the govt skims its 98% what do you have left? And the answer is.....(?)

(Answer: you move to the Caymen Islands)

3 posted on 10/01/2009 2:09:18 AM PDT by CanaGuy (Go Harper!)
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To: CanaGuy

Or the Bahamas ,, Eddie Murphy owns a small islet across from the Atlantis complex , Oprah is there ,, so is Michael Jordan and don’t forget Bill Gates or Sean Connery... Bahamian banking regulations equal the Caymens.


4 posted on 10/01/2009 2:37:04 AM PDT by Neidermeyer
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To: dennisw

Everyone will keep hoarding money till there are tax cuts for the rich, Odumba’s Keynesian Tax Cheat Geithner is going to keep trying to substitute liquidity


5 posted on 10/01/2009 2:39:38 AM PDT by Son House (President Ă˜bama => Status: AWOL)
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To: dennisw
titans Charles and David Koch ($16 billion each). “

Hey didn't one of the Koch brothers sue Charles and Divid claiming he had been cheated in a deal where he sold his shares in the company to his brothers? Pretty nasty fight too if I remember correctly.

Wal-Mart heirs Christy Walton ($21.5 billion), Jim C. Walton ($19.6 billion), Alice Walton ($19.3 billion), and S. Robson Walton ($19 billion); “

One of their brothers died in an accident a few years back in California, didn't he?

media maven Michael Bloomberg ($17.5 billion)”

Groan!
Even more money for this clown to use in his insane anti-gun campaign.
Good news is, he has pledged to give most of his money to charity, just like Gates. Gonna depend on what he means by “charity” though.

6 posted on 10/01/2009 2:42:28 AM PDT by SmokingJoe
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To: SmokingJoe

most of them supported Obama , how is that working out?


7 posted on 10/01/2009 3:39:10 AM PDT by scooby321 (and)
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To: dennisw

Isn’t that what Socialism is all about? The rich getting poorer and the poor getting poorer


8 posted on 10/01/2009 4:04:49 AM PDT by RonnG
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To: CanaGuy
“Here's a quick quiz for any movie stars listening in. You sign a film deal for $20M. After the govt skims its 98% what do you have left? And the answer is.....(?) (Answer: you move to the Caymen Islands)”

In Europe, they're already seeing a mass migration of not just the rich but a talent exodus of the young creative, educated class as well. If Obama and his marxist comrades are successful in implementing their socialist/fascist plans then we very well may see the same thing occur here in the U.S. Already, here in the U.S. the top 1% earners pay 40% of taxes, top 5% pay 70%, top 50% pay 99%, most of bottom 50% pay negative taxes (get back more than they pay in)by receiving the earned income tax credit (as much as $5,800, and additionally child tax credit $1,000 per). So, Obama very well may “kill the geese who lays the golden eggs” I think.

9 posted on 10/01/2009 4:30:48 AM PDT by snoringbear (Government is the Pimp,)
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To: SmokingJoe

The Koches are always involved in a hubbub...latest was one of them having a messy divorce from a Swedish gold digger who claims to be royalty

Michael Bloomberg was in the 5 billion dollar range in 2000
He did great during the GW Bush years


10 posted on 10/01/2009 5:44:23 AM PDT by dennisw (Free Republic is an island in a sea of zombies)
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To: SmokingJoe
One of their brothers died in an accident a few years back in California, didn't he?

Dang! What  a waste to die young and still be a multi-billionaire. Think of all the fun you can have....

Also fun making charitable donations to causes you favor
Also enough money to sire a few more children if your original ones were duds
With a nice new wife or mistress

11 posted on 10/01/2009 5:48:27 AM PDT by dennisw (Free Republic is an island in a sea of zombies)
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To: RonnG
Isn’t that what Socialism is all about? The rich getting poorer and the poor getting poorer

Just who do the libs think provide the jobs? The homeless guy down the street? I'm so tired of their stupidity.

12 posted on 10/01/2009 5:50:44 AM PDT by jersey117
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To: SmokingJoe

Swedish ‘countess’ in bitter US divorce trial
http://74.125.47.132/search?q=cache:k1o3lFrQn_cJ:www.thelocal.se/18416/20090324/+koch+divorce+swedish&cd=4&hl=en&ct=clnk&gl=us

Sorry.... not a Koch brother.
Was another rich dude


13 posted on 10/01/2009 5:51:01 AM PDT by dennisw (Free Republic is an island in a sea of zombies)
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To: dennisw

What happened to George Soros?


14 posted on 10/01/2009 6:02:51 AM PDT by Melchior
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