US super-rich lose billions, Forbes rich list reveals

BILLIONS of dollars have been knocked off the fortunes of America’s wealthiest men and women.

According to business magazine Forbes, the top 400 richest people in the US have lost a collective $300 billion (€204bn) in the last 12 months.

Among those taking a financial hit were Microsoft founder Bill Gates and philanthropic businessman Warren Buffett whose personal wealth shrunk by $7bn and $10bn respectively.

However, both still have a way to go before they have to resort to searching the house for loose change.

Gates, with an estimated fortune of $50bn, tops the Forbes 400 list, with Buffett coming second with $40bn.

Their drop helped drive the overall money pot of the US super-rich downwards.

Faltering capital markets and real estate prices were blamed for the net worth of the 400 falling from $1.57 trillion in 2008 to $1.27tn.

In all, 314 returning members of the elite club registered a loss, while 32 fell off the list completely.

Chat show host Oprah Winfrey was among those seeing their fortune dwindle over the last year, down by $400m on 2008.

One of those missing the cut this year was Allen Stanford. The business tycoon and cricket entrepreneur is facing fraud charges and didn’t make it on the list due to his assets being frozen.