The rich get even richer

The economy is improving for America’s super rich.

After two years of decline, the total net worth of America’s richest people rose 10% to €882bn this year, according to Forbes magazine’s annual ranking of the nation’s 400 wealthiest individuals.

Microsoft founder Bill Gates, who remained in the top spot, personified the trend toward increasing wealth. His fortune increased by €2.5bn to €40bn.

Investor Warren Buffett kept the number two position although his wealth was unchanged at €31bn.

Microsoft co-founder Paul Allen held third place, with his net worth rising by €863m to €19.4bn.

Forbes said the surge in collective net worth was largely due to gains in Internet stocks and tech fortunes.

For example, Amazon.com’s Jeff Bezos saw his fortune expand by more than €2.5bn to €4.4bn as the stock of the online retailer skyrocketed.

The revealed a continuing shift in wealth from the East to the tech-centric West.

When the list was first published in 1982, there were 81 members from New York and 56 from California. Today, California boasts 95 Forbes 400 members, while New York has 47.

“There’s been this enormous shift in the geographic distribution of wealth,” Forbes senior editor Peter Newcomb said.

The Walton family was again prominent on the list. Five members of Wal-Mart supermarket chain founder Sam Walton’s family tied for the fourth spot, each with a net worth of €18.1bn. The company owns Asda in Britain.