Buffett boosts wealth to top Gates on Forbes list

Fri Oct 10, 2008 2:28pm EDT
By Michelle Nichols

NEW YORK (Reuters) – Billionaire investor Warren Buffett is again the richest American, deposing Microsoft (MSFT) co-founder Bill Gates, after Forbes magazine recalculated the fortunes of some of the 400 wealthiest Americans.

The magazine took another look at the fortunes of some of the billionaires on its Forbes 400 list to assess the effect of the worst financial crisis since the 1930s Depression and released a select list naming some of those hit hard.

But while 17 billionaires on Forbes list lost more than $1 billion in the past month, Buffett managed to boost his wealth by $8 billion to $58 billion, pushing him ahead of Gates, whose fortune fell to $55.5 billion from $57 billion.

Gates had been ranked No. 1 on the Forbes 400 list for the past 15 years with his Microsoft fortune.

Buffett made his money by building his company Berkshire Hathaway Inc (BRK.a) into a $199 billion conglomerate that invests in undervalued companies with strong management. Late last month his company said it would invest $5 billion in Goldman Sachs Group Inc (GS).

“We chose to focus on some of the more high-profile billionaires on The Forbes 400, and print a sampling of those who lost over $1 billion during the month of September,” said Forbes senior editor Matthew Miller.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: