Economy's woes show in rankings of richest

By Rebecca Gomez
Associated Press

NEW YORK — The rich are getting less rich in America.

For the second straight year but only the fourth time in 20 years of rankings, the combined net worth of Forbes magazine's 400 wealthiest Americans declined this year, reflecting the economy's continuing troubles.

Their total net worth of $872 billion was down from $946 billion in 2001 and $1.2 trillion in 2000.

Even the benchmark for being ranked dropped. The 2002 survey included individuals with a minimum net worth of $550 million — down from the required $600 million in 2001.

The top 10 remained the same, with some reshuffling of the order. The biggest loser on the list, released yesterday, was also the richest person: Microsoft co-founder Bill Gates.

Gates lost $11 billion, for a net worth of $43 billion. He now has lost $20 billion — mostly because of the drop in value of his Microsoft stock — since the tech meltdown began in 2000.

The biggest winner was investor Warren Buffett, who remained No. 2 on the list. His net worth increased to $36 billion from $33.2 billion.

Microsoft co-founder Paul Allen also maintained his ranking — third — but saw his net worth fall to $21 billion from $28.2 billion.

Five relatives of the late Sam Walton, founder of Wal-Mart Stores Inc., tied for fourth. Their net worth increased to $18.8 billion each from $17.5 billion in 2001, thanks to strong consumer spending.

Oracle chief executive Larry Ellison, who fell from second in 2000 to fourth in 2001, dropped to ninth this year. He is now worth $15.2 billion, down from $21.9 billion last year.

Rounding out the top 10, Microsoft chief executive Steve Ballmer suffered a $3.2 billion loss, for a net worth of $11.9 billion.

Neither Honolulu-born Steve Case of AOL Time Warner nor Sun Microsystems' Scott McNealy made the cut in the overall rankings this year. Last year, Case ranked 211 with $1.1 billion.

Martha Stewart was bumped, largely because her company's stock drastically declined in value following her legal troubles.

Forty-six women made the list, including the three granddaughters of oil magnate J. Paul Getty. They each inherited $400 million in 1986.

Newspaper heiress Barbara Cox Anthony of Hawai'i fell from No. 11 with $11.3 billion last year to No. 16 at $9.5 billion