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From: The Straits Times Interactive
Billionaire ranks shrink by 30%
Their net worth is down by US$2 trillion; only two Singaporeans on list
NEW YORK: The meltdown of global financial markets slashed the ranks of the world's billionaires by 30 per cent in 2008, Forbes magazine reported yesterday in its annual tally of the planet's richest people.
Russians and Indians were the hardest hit this year, losing ground to the United States, which reasserted its dominance over the world's wealthy elite.
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EVEN THE RICH GOT POORER Overall, the net worth on the list of 793 billionaires - down from 1,125 billionaires in 2008 - plummeted to US$2.4 trillion (S$3.7 trillion), from US$4.4 trillion the year before.
Only two Singaporeans were listed - down from five the year before - Far East Organisation's Ng Teng Fong and United Overseas Bank's Wee Cho Yaw.
'The world has become a wealth wasteland,' Forbes declared in its report. 'Like the rest of us, the richest people in the world have endured a financial disaster over the past year.'
Overall, the US continued to dominate the list with the most billionaires - 359. Europe had 196, Asia-Pacific 130, the Middle East and Africa 58, and the Americas outside the US 50.
Microsoft founder Bill Gates' net worth dived to US$40 billion from US$58 billion, but he reclaimed the title of world's richest man after two other billionaires - Berkshire Hathaway CEO Warren Buffett and Mexican business magnate Carlos Slim Helu - lost more on paper than he did.
Collectively, these three men lost US$68 billion in the year to Feb 13, when Forbes took a snapshot of wealth around the world to compile its annual list of billionaires.
It was the first time since 2003 that the number of people on the list decreased, and the biggest drop since the magazine began the ranking 23 years ago.
Billionaires in developing countries - including those in Asia - were especially hard hit by the global crisis.
India lost more than half of its billionaires, with the biggest gainer becoming the biggest loser. Indian businessman Anil Ambani was ranked sixth last year but fell to 34 after he had US$32 billion wiped out over the last 12 months.
'India took a huge whack,' noted Ms Luisa Kroll, senior editor of Forbes.
Singapore had three of its five billionaires fall off the list: Mr Zhong Sheng Jian, chairman of property group Yanlord Land, Wilmar International chief executive Kuok Khoon Hong, and King of the Remisiers Peter Lim.
Mr Lim, however, shrugged it off. 'Aiyah, what's the problem,' he told The Straits Times. 'Dropped out, not dropped dead.'
Other notable people who suffered the same fate included Facebook CEO Mark Zuckerberg, former Citigroup chairman Sanford 'Sandy' Weill and former American International Group CEO Maurice 'Hank' Greenberg.
There were, however, 44 people in Forbes' list who saw their wealth rise. They included New York City Mayor Michael Bloomberg, investors George Soros and Ronald Perelman - and entertainer Oprah Winfrey.
Crime, however, did not disqualify one notable new entry to the list - Mexican drug lord Joaquin 'Shorty' Guzman, who is among the world's most wanted men and now worth US$1 billion.
Chief executive of Forbes Magazines Steve Forbes said that while few would shed a tear for the plight of a billionaire, it was bad for the economy when entrepreneurs were in trouble.
'Billionaires don't have to worry about their next meal, but if their wealth is declining and you're not creating numerous new billionaires, it means the rest of the world is not doing very well,' he said.
LOS ANGELES TIMES, BLOOMBERG, ASSOCIATED PRESS, REUTERS
The list can be found at www.forbes.com/2009/03/11/worlds-richest-people-billionaires-2009-billionaires_land.html Labels: article, The Straits Times
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