Financial Crisis Slashes Ranks Of Worlds Top Most Super Rich Individuals
World’s most exclusive clubs has seen its members drastically change positions. The number of billionaires in the world has spiraled down to nearly 30% by number this year, which is due to the overall financial mayhem cause by the global economic crisis stretching from each corners of the slum area to the gold gated estates of the super rich.
In the recent pull down lists of the world super rich personifies has some startling message to convey.
Bill gates, the founder of Microsoft Software Empire, have edged out the US legendary stock picker Warren Buffett to reclaim his hot seat as the world’s richest man. Warren Buffett toppling down just beneath gates, Mexican telecoms business tycoon Carlos Slim placed himself in the third position against the third super rich mans in the world.
With the current economic conditions in such a hassle, stock markets plunge havoc with volatile commodities and banking collapses produced some dramatic cicatrix in to the business world. The number of people who used to call themselves billionaires in terms of US dollars is no more called so. The record of last year’s 1,125 billionaires shrunk down to 793 billionaires currently. It has been recorded the largest billionaires crunch since 2003.
Moreover, the number of money controlled by the Elite Group has recorded to minify from $4.4 trillion to $2.4 trillion this year. Due to this the number of billionaires in Great Britain has dropped from 35 to 25 this year as last year’s super rich figures like Sports Division’s Tom Hunter and Carphone Warehouse’s Charles Dunstone strike off from the list.
Most economists say the global economy is harshly battered by the financial cyclone which brought the devastating damage on the global economy. The fact that billionaires are slipping off from the lists are no big surprises these billionaires are getting battered off along with everything else.
Most of the personals who used to call themselves ballooners eventually became poor now. Amongst them are bankers, financiers and managers who are enlisted along with the biggest losers. Citigroups Sandy Weill and AIG insurance tycoon Hank Greenberg are amongst the losers list and are out of the super rich club after they have faced their mighty financial institutes suffer vast loss.
Adolf Merkele , a German billionaire withdrew himself under a train as his wealth suddenly dwindled. Donald Trump’s estimated fortune has reported to fallen by half the amount as Facebooks founder Mark Zuckerberg grabbed Trump’s position.
Along with them did the business tycoons from developing countries have been harshly affected. From the top most super rich crews in India, the richest man Anil Ambani has lost $31.9 billion as shares of his Reliance Empire douse. India’s steel magnate Lakshmi Mittal has seen his fortune drastically flinch by $25 billion to finally $19.3 billion. Amongst the Russians, Oleg Deripaska, who was once Russia’s richest man, painfully saw his fortune shrink from $28 billion to finally a humble $3.5 billion left for him, this is because he has been saddling himself with excess debts that went uncontrollable. Roman Abramovich who was the Chelsea football club owner has endured the loss of $3 billion of his fortune to a net value of $8.5 billion currently.
Even those top most super riches, though sitting in the hot seat of the first three richest mans in the world, have suffered their fortunes long way. Buffett who was the worlds richest man last year and was called the Saga of Omaha has drastically seen his net worth drop off by $25 billion to an astonishingly $37 billion after the dismissal of this Nebraska-based Berkshire Hathaway empire. Buffet has been over taken by Gates, who marginally crossed Buffett by $40 billion, but after a drop down of $19 billion due t the slowdown in trading at Microsoft.
Along with these super riches will those bankers and speculators shed some tears who has involved in the so called ‘financial innovation’ on Wall Street . They are the ones who are mainly blamed for contributing to the global financial crunch.
Most of the rich men are who got poor this year just got their desserts. Most of these billionaires are entrepreneurs, they started their own business small and finally reached this position. They have played both the roles of creators of their capital; and employer of the capital. They make it possible for people to go ahead and to realize their ambitions.
However, the billionaires list in Britain remains relatively constant. Duke of Westminster remains on top charts with a pile of $11 billion fortune, followed by the property magnets Simon Reuben and David. Sir Philip Green, owner of Top Shop and Bhs, managed the third rank in UK and the 105th in the overall super rich list with a fortune of $4.8 billion. Though these men remain relatively stable, British wealth has been badly battered by the sharp decline on the value of sterling. Amongst the ones who cannot call themselves billions this year includes Daily Mail chief Viscount Rothermere and Michael Spencer of the City money broker.
Economic experts like Heidi Shierholz, a specialist in inequality at the Economic Policy Institute in Washington, said that the current fortune shrinkage has not narrowed in inequality, it is a symptom of the huge global economic crisis and is hitting everyone’s pockets, it is not just happening to the billionaires.
On the other hand, there are some highlights that succeed to get their names in the world billion ere, even in this global economic crisis. Michael Bloomberg, New York’s mayor, saw his wealth puff up from $11.5 billion to 16 billion after he had fetched back his proportions of financial information empire. Hedge fund manager John Paulson also prospered some fortunes by betting against the subprime mortgages.
Amongst the new entries in the world’s super rich man’s, Abu Dhabi’s Sheik Mansour, who owns the Manchester City football club, made an uninformed entry to the billionaires club.
A less illustrative structure, Joaquin Guzman, who is a Mexican drug dealer known as El Chapo, falls under the rank of the worlds super rich individuals. Guzman, however, maintained a low profile as he is wanted by the government with a bounty of $5 million on his head.
Recent Comments