"Warren Buffett topples Bill Gates as world's richest"

[Prada]

http://rawstory.com/news/afp/Warren_..._03052008.html

US financier Warren Buffett has overtaken Bill Gates as the world's richest man, according to Forbes annual billionaire's list, which this year saw Russia, China and India making increasing inroads.

Buffett, the 77-year-old chief of the Berkshire Hathaway holding company, saw his wealth jump from 52 billion dollars last year to 62 billion, pushing Microsoft co-founder Gates into third position after 13 years at the top.

Mexico's telecom mogul Carlos Slim Helu grabbed second place with a tidy nest egg of 60 billion dollars, up from 49 billion last year.

Buffett, who announced in 2006 he was giving the majority of his fortune to the Bill & Melinda Gates Foundation, saw his wealth spike mostly due to the rising value of his Berkshire Hathaway stock.

"The amazing thing about Buffett going to the top of the list is that he did it at a time when he was giving away his money," said Steve Forbes, the magazine's editor in chief.

In total, this year's list sees 1,125 people around the world making the billionaire's list, up from 946 last year. Their total net worth stands at 4.4 trillion dollars, up from 3.5 trillion dollars in 2007.

"This past year was an amazing one around the world in terms of the global economy and it's reflected on this list," said Forbes, adding that the number of billionaires had almost doubled in the past four years.

"The reason for this explosion in wealth is that we're in the midst of a phenomenal global gloom," he added.

By nationality, the United States still easily led the rankings with 469 billionaires up from 415 last year, but Russia replaced Germany as the second placed country with 87 billionaires.

Third-placed India saw the number of its super-rich jump to 53 entries on the list -- four of them in the top 10 -- although China and Hong Kong if taken together would overtake it, with 42 and 26 billionaires respectively.

Japan, although still the second largest economy in the world, saw its number of billionaires trailing at 24 -- overtaken by Turkey, which this year saw its number of tycoons on the list jump from 22 in 2007 to 35.

Surprisingly, Buffett and Gates were the only Americans in the top 10, alongside one Mexican (second-placed Slim) four Indians (placed fourth, fifth, sixth and eighth), a Swede (seventh), a Russian (ninth) and a German (10th.)

Among the biggest losers were Starbucks chief Howard Schultz, whose stock dragged him off the list all together, and Spanish property billionaire Enrique Banuelos, whose wealth plunged from 7.7 billion dollars in 2007 to 1.3 billion.

The average age fell by one year to 61, helped by an influx of younger Russians and Chinese, 50 of them under 40, while the number of women grew to 99, up from 87 last year, but only 10 percent of them were self-made.

The richest woman in the world was France's Liliane Bettencourt, of cosmetics company L'Oreal with a personal fortune of 22.9 billion dollars, partly helped by the weak US dollar, which has fallen notably against the euro.

"Most countries outside of the US have benefited from the currency fluctuations," said Forbes' senior editor Luisa Kroll. "It's definitely helped boost the numbers outside of the US."

The fortunes were assessed as a snapshot on February 11, meaning that places on the list had likely changed since then, owing to fluctuations on the foreign exchange and stock markets.

There was also good news for gold diggers. "There are 110 single men on the list," said Forbes. "Forty-seven women are also unhitched right now."

[qualityclrk1]

I like him......i like how he says he's going to make his kids work for their money, and he just won't hand it to them when he dies...and the line about how he made the most money while giving it away is remarkable

[Jfew44]

I hate those guys... Although it would be nice for one of them to be a grandpa. Happy birthday kid, here's a plane.

[soccer#3]

yeah.. here's an island too to match ur plane

[alphaman]

Bill Gates is a bit like that, but not Buffett. He lives in a 3,000 sq ft house in Omaha and his guilty pleasure... TVs. He likes the big screens... lol This is for real.

[spywizard]

http://rawstory.com/news/afp/Warren_..._03052008.html

US financier Warren Buffett has overtaken Bill Gates as the world's richest man, according to Forbes annual billionaire's list, which this year saw Russia, China and India making increasing inroads.

Buffett, the 77-year-old chief of the Berkshire Hathaway holding company, saw his wealth jump from 52 billion dollars last year to 62 billion, pushing Microsoft co-founder Gates into third position after 13 years at the top.

Mexico's telecom mogul Carlos Slim Helu grabbed second place with a tidy nest egg of 60 billion dollars, up from 49 billion last year.

Buffett, who announced in 2006 he was giving the majority of his fortune to the Bill & Melinda Gates Foundation, saw his wealth spike mostly due to the rising value of his Berkshire Hathaway stock.

"The amazing thing about Buffett going to the top of the list is that he did it at a time when he was giving away his money," said Steve Forbes, the magazine's editor in chief.

In total, this year's list sees 1,125 people around the world making the billionaire's list, up from 946 last year. Their total net worth stands at 4.4 trillion dollars, up from 3.5 trillion dollars in 2007.

"This past year was an amazing one around the world in terms of the global economy and it's reflected on this list," said Forbes, adding that the number of billionaires had almost doubled in the past four years.

"The reason for this explosion in wealth is that we're in the midst of a phenomenal global gloom," he added.

By nationality, the United States still easily led the rankings with 469 billionaires up from 415 last year, but Russia replaced Germany as the second placed country with 87 billionaires.

Third-placed India saw the number of its super-rich jump to 53 entries on the list -- four of them in the top 10 -- although China and Hong Kong if taken together would overtake it, with 42 and 26 billionaires respectively.

Japan, although still the second largest economy in the world, saw its number of billionaires trailing at 24 -- overtaken by Turkey, which this year saw its number of tycoons on the list jump from 22 in 2007 to 35.

Surprisingly, Buffett and Gates were the only Americans in the top 10, alongside one Mexican (second-placed Slim) four Indians (placed fourth, fifth, sixth and eighth), a Swede (seventh), a Russian (ninth) and a German (10th.)

Among the biggest losers were Starbucks chief Howard Schultz, whose stock dragged him off the list all together, and Spanish property billionaire Enrique Banuelos, whose wealth plunged from 7.7 billion dollars in 2007 to 1.3 billion.

The average age fell by one year to 61, helped by an influx of younger Russians and Chinese, 50 of them under 40, while the number of women grew to 99, up from 87 last year, but only 10 percent of them were self-made.

The richest woman in the world was France's Liliane Bettencourt, of cosmetics company L'Oreal with a personal fortune of 22.9 billion dollars, partly helped by the weak US dollar, which has fallen notably against the euro.

"Most countries outside of the US have benefited from the currency fluctuations," said Forbes' senior editor Luisa Kroll. "It's definitely helped boost the numbers outside of the US."

The fortunes were assessed as a snapshot on February 11, meaning that places on the list had likely changed since then, owing to fluctuations on the foreign exchange and stock markets.

There was also good news for gold diggers. "There are 110 single men on the list," said Forbes. "Forty-seven women are also unhitched right now."

In total, this year's list sees 1,125 people around the world making the billionaire's list, up from 946 last year. Their total net worth stands at 4.4 trillion dollars, up from 3.5 trillion dollars in 2007.

Not possible the news media continues to tell us we are in a recession.. so i don't believe it..

[SMCengineer]

I'll be on that list someday.

[Prada]

I like him......i like how he says he's going to make his kids work for their money, and he just won't hand it to them when he dies...and the line about how he made the most money while giving it away is remarkable

Yup, I've always admired Buffet. He's a financial markets genius and a philanthropist. Got to work for the money and this at 77 years of age, quite remarkable.

[Pooks]

the Mexican guy gets no respect hahaha.. news was already out that the who is number 2 now,, topped Gates like 6months ago.

[Prada]

Yeah the Mexican I believe is in telecommunications. Just seems that he came out of no where in the last few years.

[Prada]

'Billionaire capital' Moscow basks in unimagined wealth
http://rawstory.com/news/afp/_Billio..._03062008.html

Not long ago the queues were for bread, but today Moscow residents wait in line for luxury cars, private yachts and penthouse apartments in the city that has the world's most billionaires.

The high speed transformation and is still very much in progress as the US magazine Forbes reported this week that Moscow has outstripped New York and now boasts 74 billionaires.

When a 530,000-euro (800,000-dollar) Maybach limousine was recently stolen it was almost a matter for celebration by Russian newspapers, signalling previously unimagined wealth in a city long associated with austerity.

Newspapers and magazines are bursting with stories of the super-rich and what they get up to in Moscow and in their second, third, or fourth homes abroad, much of their wealth based on Russia's vast oil, gas and other natural resources.

Some of the rich seem inclined to downplay their wealth. Polina Deripaska, wife of Russia's newly declared richest man, Oleg Deripaska, told the Vedomosti newspaper on Thursday of the modest sums she once spent as a student at Britain's exclusive Millfield school.

After spending her term allowance of 300 dollars in just two weeks "I wouldn't go anywhere and ate just the school food," she told the paper.

But for the most part the wealthy do not confine themselves to English boarding school rations, as witnessed by the booming restaurant scene.

Among restaurants that have been hailed by critics as holding their own alongside the best in the West is Turandot, named for the Puccini opera.

Created at vast expense by Andrei Dellos, it features a mock 18th century Chinese-influenced interior complete with musicians in powdered wigs who perform on a rotating stage decked with a golden peacock.

The Financial Times noted approvingly in 2005 that Dellos had worked on his staff's facial expressions to smooth away Soviet-era grimness, "working on the muscles of their face" so that they looked "at... people in a friendly fashion."

The super-rich of course spend much of their time outside Moscow.

Among the advantages, locations such as the Scottish highland estate owned by steel magnate Vladimir Lisin are considered more secure that the streets of Moscow, despite a reduction in the number of contract killings in recent years.

But many choose to stay, as witnessed by the new gated estates around the city.

In winter some follow President Vladimir Putin's example and jet off for weekend skiing in the southern resort of Sochi, while in summer they can be found messing around on boats outside the city.

The Moscow waterways boast several marinas together with bars such as a mock pirate ship and a Caribbean-style cocktail bar, perfect for people-watching in summer, before the boats have to be lifted out of the water to protect them against the pack ice.

Russia's super-rich are also developing a taste for philanthropy, supporting museums, or in the case of Roman Abramovich, owner of Chelsea football club in England, supporting an entire region, Chukotka on the far northeast coast of Russia.

Sceptics argue that such philanthropy is partly political expediency.

If so, it is not always enough -- the jailed boss of Yukos oil company, Mikhail Khodorkovsky, was also encouraged to support the desolate province of Mordovia, east of Moscow, before he fell foul of a prosecution that Kremlin critics say was politically motivated.

But despite their famed love of opulence, evident from the diamond-encrusted hubcaps on sale recently at a "Millionaire's Fair," the wealthy are gradually coming to look more like their Western counterparts, says journalist Dmitry Falaleyev of the Russian edition of the Harvard Business Review.

In part this is due to contact with the outside world and particularly with Western business practice, he says.

"Our millionaires have become more democratic, driving ordinary cars, wearing relatively ordinary watches," he said. "The rich have become more educated and cultured, they learnt from contact with Europe and America."

[barondumonde]

the forbes list is a sham...it's a great attempt but it can't accurately show the people with REAL wealth. There are people out there that don't legally OWN that much, but who CONTROL everything. Those people are the true wealthy ones.

[Kärnfysikern]

Its interesting that in the top ten there are 3 from India. Going to be fun to se when the chinese start to pop up in the top ten. The worlds richest woman is chinese.

[Prada]

Its interesting that in the top ten there are 3 from India. Going to be fun to se when the chinese start to pop up in the top ten. The worlds richest woman is chinese.

Yeah well China and India have booming and emerging economies so a lot of people are making well.... a lot of money. The only thing is Russias economy is based on natural resources while China's and India's are based on tech, manufacturing, textile and so on.

[Pooks]

Yeah well China and India have booming and emerging economies so a lot of people are making well.... a lot of money. The only thing is Russias economy is based on natural resources while China's and India's are based on tech, manufacturing, textile and so on.

yup and the US is based on services

[Prada]

yup and the US is based on services

Exactly, thats where the future is heading. I think IBM is a perfect example. Intellectual property and assets is the way to go

[Pooks]

Exactly, thats where the future is heading. I think IBM is a perfect example. Intellectual property and assets is the way to go

We're pretty much there.. and it should stay like that, until labor in the USA becomes cheaper compared to the developing nations, than logistically it might make more sense to keep industrial jobs here again.

There is nothing progressive about this (TFG?, thank ****ing god) , its just global free trade at work.. even if it is st***ed a bunch with tariff's still.