Billionaires’ club drops 83 members

  • Thursday, February 28, 2002 9:00pm
  • Business

Associated Press

NEW YORK — Even the world’s richest people feel the sting of a depressed economy and shrinking stock portfolios.

The world’s distinct club of billionaires dropped 83 members this year to 497 as recession and fallout from the terrorist attacks reduced their wealth. The group’s combined worth fell to $1.54 trillion from $1.73 trillion last year, according to Forbes magazine’s 16th annual ranking of billionaires released Thursday.

Among the missing: AOL Time Warner Chairman Steve Case, whose company stock has declined by about half since last year, and Gary Winnick, chairman of Global Crossing, which filed for bankruptcy protection in January.

They led a second year of decline in the number of billionaires since the tech downturn began pressuring the world economy in 2000. The largest drop of 91 came last year.

"Talk about churn, creation and destruction at work," said Louisa Kroll, who edited Forbes’ March billionaires issue, which hits the newsstands Friday. "For two years in a row, it’s been falling fortunes."

Microsoft co-founder Bill Gates lost $6 billion last year, but that didn’t stop him from being the richest man in the world for the eighth year in a row. With a net worth of $52.8 billion, Gates remained comfortably ahead of Warren Buffett, who held the No. 2 spot with $35 billion.

German retailers Theo and Karl Albrecht climbed two notches to No. 3, with a net value of $26.8 billion. They pushed Microsoft co-founder Paul Allen, ranked third last year with a value of $30.4 billion, to No. 4 after he lost $5.2 billion, partly in the stock market bust.

Oracle Corp. founder Larry Ellison had the fifth spot, while five heirs of the Wal-Mart fortune created by founder Sam Walton rounded out the top 10.

Only 25 on the list are under 40, led by 37-year-old computer founder Michael Dell at No. 18. The highest-ranking rich woman was No. 8, Alice Walton, with assets of $20.5 billion.

The list was set using stock prices and exchange rates as of Feb. 4.

Among the countries, the United States led the list with 243 billionaires, down from 272 last year, with a combined net worth of $111 billion. One of the bigger losers was CNN founder Ted Turner, now a vice chairman at AOL Time Warner, who lost 50 percent of his net worth to $3.8 billion. He dropped 62 places on the list to No. 97.

New York Mayor Michael Bloomberg, founder of the financial information company Bloomberg, spent $70 million of his own money to win his first political campaign last fall. Still, he saw his ranking move up 10 places to No. 72, despite losing a total of $100 million to have assets of $4.4 billion.

Europe had 121 billionaires, headed by the Albrechts and Germany’s Johanna Quandt and family, whose 46 percent ownership of automaker BMW helped put them at No. 12.

Asia, led by Saudi Arabia’s Prince Alwaleed Bin Talal Alsaud at No. 11, notched 70 billionaires. A loser was Japan’s Yasuo Takei and family, whose $3.1 billion in losses dropped him 14 places to No. 51 as the country battles deflation and a decade-long economic slowdown.

Japan accounted for five of Asia’s 15 former billionaires who dropped from the list this year.

Of the 497 total billionaires from 43 countries, 260 inherited some or all of their wealth, and the rest made their money themselves. Twenty-seven are college dropouts.

Copyright ©2002 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Business

A closing sign hangs above the entrance of the Big Lots at Evergreen and Madison on Monday, July 22, 2024, in Everett, Washington. (Ryan Berry / The Herald)
Big Lots announces it will shutter Everett and Lynnwood stores

The Marysville store will remain open for now. The retailer reported declining sales in the first quarter of the year.

George Montemor poses for a photo in front of his office in Lynnwood, Washington on Tuesday, July 30, 2024.  (Annie Barker / The Herald)
Despite high mortgage rates, Snohomish County home market still competitive

Snohomish County homes priced from $550K to $850K are pulling in multiple offers and selling quickly.

Henry M. Jackson High School’s robotic team, Jack in the Bot, shake hands at the 2024 Indiana Robotics Invitational.(Henry M. Jackson High School)
Mill Creek robotics team — Jack in the Bot — wins big

Henry M. Jackson High School students took first place at the Indiana Robotic Invitational for the second year in a row.

The computer science and robotics and artificial intelligence department faculty includes (left to right) faculty department head Allison Obourn; Dean Carey Schroyer; Ishaani Priyadarshini; ROBAI department head Sirine Maalej and Charlene Lugli. PHOTO: Arutyun Sargsyan / Edmonds College.
Edmonds College to offer 2 new four-year degree programs

The college is accepting applications for bachelor programs in computer science as well as robotics and artificial intelligence.

FILE — Boeing 737 MAX8 airplanes on the assembly line at the Boeing plant in Renton, Wash., on March 27, 2019. Boeing said on Wednesday, Feb. 21, 2024, that it was shaking up the leadership in its commercial airplanes unit after a harrowing incident last month during which a piece fell off a 737 Max 9 jet in flight. (Ruth Fremson/The New York Times)
Federal judge rejects Boeing’s guilty plea related to 737 Max crashes

The plea agreement included a fine of up to $487 million and three years of probation.

Neetha Hsu practices a command with Marley, left, and Andie Holsten practices with Oshie, right, during a puppy training class at The Everett Zoom Room in Everett, Washington on Wednesday, July 3, 2024. (Annie Barker / The Herald)
Tricks of the trade: New Everett dog training gym is a people-pleaser

Everett Zoom Room offers training for puppies, dogs and their owners: “We don’t train dogs, we train the people who love them.”

Andy Bronson/ The Herald 

Everett mayor Ray Stephenson looks over the city on Tuesday, Jan. 5, 2015 in Everett, Wa. Stephanson sees  Utah’s “housing first” model – dealing with homelessness first before tackling related issues – is one Everett and Snohomish County should adopt.

Local:issuesStephanson

Shot on: 1/5/16
Economic Alliance taps former Everett mayor as CEO

Ray Stephanson will serve as the interim leader of the Snohomish County group.

Molbak's Garden + Home in Woodinville, Washington will close on Jan. 28. (Photo courtesy of Molbak's)
After tumultuous year, Molbak’s is being demolished in Woodinville

The beloved garden store closed in January. And a fundraising initiative to revitalize the space fell short.

Everett Mayor Cassie Franklin, Advanced Manufacturing Skills Center executive director Larry Cluphf, Boeing Director of manufacturing and safety Cameron Myers, Edmonds College President Amit Singh, U.S. Rep. Rick Larsen, and Snohomish County Executive Dave Somers participate in a ribbon-cutting ceremony on Tuesday, July 2 celebrating the opening of a new fuselage training lab at Paine Field. Credit: Arutyun Sargsyan / Edmonds College
‘Magic happens’: Paine Field aerospace center dedicates new hands-on lab

Last month, Edmonds College officials cut the ribbon on a new training lab — a section of a 12-ton Boeing 767 tanker.

Gov. Jay Inslee presents CEO Fredrik Hellstrom with the Swedish flag during a grand opening ceremony for Sweden-based Echandia on Tuesday, July 30, 2024, in Marysville, Washington. (Ryan Berry / The Herald)
Swedish battery maker opens first U.S. facility in Marysville

Echandia’s marine battery systems power everything from tug boats to passenger and car ferries.

Helion Energy CEO and co-founder David Kirtley talks to Governor Jay Inslee about Trenta, Helion’s 6th fusion prototype, during a tour of their facility on Tuesday, July 9, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
State grants Everett-based Helion a fusion energy license

The permit allows Helion to use radioactive materials to operate the company’s fusion generator.

People walk past the new J.sweets storefront in Alderwood Mall on Thursday, July 25, 2024, in Lynnwood, Washington. (Olivia Vanni / The Herald)
New Japanese-style sweets shop to open in Lynnwood

J. Sweets, offering traditional Japanese and western style treats opens, could open by early August at the Alderwood mall.

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.