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Gates tops list of billionaires
NEW YORK (CNN/Money) -- The world's billionaires lost 10 percent of their wealth last year, and 67 people had their billionaire club membership revoked, according to the latest survey from Forbes. The magazine's 2003 survey of the world's richest people said 476 made it into the world's distinct club of billionaires. Out of those remaining, 218 of them saw their fortunes decline. The United States led the list with 47 percent of the world's richest people, with 222 billionaires, down from 243 billionaires a year earlier. It was the third year of decline in the number of billionaires. Bill Gates, the chairman and co-founder of Microsoft, is still the world's richest person, with a fortune of nearly $41 billion. Forbes said corporate scandals and the bearish stock market robbed the wealth of many U.S. billionaires, who collectively lost $98 billion in the past year.
Bill Gates, Microsoft's co-founder and chairman, topped Forbes magazine's ranking as the world's richest billionaire for the ninth straight year, even as his net worth tumbled to $40.7 billion from $52.8 billion a year earlier. Billionaire investor Warren Buffett and Microsoft co-founder Paul Allen also retained their spots as the second and fourth richest people in the world. German retailers Theo and Karl Albrecht stood steady at No. 3, but they lost $1.2 billion to land at a net value of $25.6 billion. Saudi Arabia's Prince Alwaleed Bin Talal Alsaud knocked Larry Ellison, Oracle's CEO, out of the top five, with a net worth of $17.7 billion. Ellison, Gates' arch-rival, fell one spot to No. 6. Five heirs of the Wal-Mart fortune created by founder Sam Walton rounded out the top 10. Alice Walton is also the world's richest woman at No. 7. The magazine found nine newly minted billionaires, ranging from Oprah Winfrey, the queen of the daytime talk shows, to sports agent Mark McCormack. Forbes claimed Winfrey has a net worth of $1 billion, making her the first black woman on the magazine's list of billionaires. New York City Mayor Michael Bloomberg saw his ranking climb nine spots to No. 63, with his net worth rising by $400 million. One of the bigger losers was Ted Turner, CNN's founder and AOL Time Warner's exiting vice chairman, who saw his net worth drop 60 percent, to $2 billion from $3.8 billion. He dropped to No. 199 from No. 97 in the year-earlier ranking. Forbes compiles its list using share prices and exchange rates as of February 7, 2003. For privately held fortunes, the magazine estimates what companies would be worth if they were public. When possible, the value of art collections, real estate and other assets are included.
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