Friday, March 13, 2009

Forbes Finds 55 New Russian Ex-Billionaires

The majority of Russia's billionaires couldn't cope with the financial crisis, which wiped 55 names from the country's tally in the 2009 Forbes rich list. Of the 32 who managed to defend their spots on the list, all lost money -- as did 87 percent of the world's tycoons.

The collective pocketbook of the world's billionaires ended the troubled year an astronomical $2 trillion lighter, falling to $2.4 trillion. The new list contains 793 billionaires -- 332 fewer than in 2008 -- putting the Russian casualties at almost 17 percent of the global total.

The competition for first place turned into a race for survival: Microsoft founder Bill Gates recaptured the title, with losses of "just" $18 billion for a net worth of $40 billion. Gates looks unscathed compared to Warren Buffett, whose fortune shed $25 billion to take second place at $37 billion, following the worst year ever for his Berkshire Hathaway.

Despite everything, 44 people managed not only to hang on to their wealth but to increase it. One of the best bets was on consumers looking to save money: Nine of the world's 20 richest people own discount stores.

Russian Properties News