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Economic crisis eats off Forbes' 2009 billionaire list

(Xinhua)
Updated: 2009-03-13 10:20

Steve Forbes, chairman, CEO and editor-in-chief of the Forbes Magazine, attends a news conference in New York, March 11, 2009. [Xinhua]

Billionaires in banking industry belong to the biggest category hit hard by the crisis with well-known figures like former American International Group (AIG) CEO Maurice Greenberg and former head of Citigroup Sandy Weill falling off the list.

Related readings:  Gates gets his hands back on crown  World's richest not so rich, Gates regains top spot  Billionaires' list shrinks by a third

Bjorgolfur Gudmundsson, former Icelandic billionaire, was wiped out when his biggest holding, Landsbanki, was nationalized in October 2008. He is trying to sell his English soccer team West Ham United F.C. in a bid to pay off debts.

The 2009 list represents citizens from 53 countries and regions. Americans once again dominate the super rich, occupying half of the top 20 spots, up from only four last year.

"China is one of the brighter spots," Luisa Kroll, senior editor of Forbes, told Xinhua. Though the total number of billionaires from the Chinese mainland dropped from 42 to 28, their collective wealth shrank much less than those in other emerging economies like India and Turkey. Meanwhile, total number of billionaires from Russia decreased to 32 from last year's 87, echoing the plunging oil prices.

Microsoft founder Bill Gates speaks during a news conference at the World Economic Forum (WEF) in Davos January 30, 2009.[Agencies]

It is the 23rd annual ranking of the world's billionaires by the Forbes Magazine. Each person's total net worth is measured in US dollar, based on the closing stock prices of the stock exchanges on which each person's company is listed, and exchange rates as of Feb. 13, 2009.

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