NEW YORK: Yes, HE'S still the richest American.
But the big news Thursday was that Oracle Corp. chief Larry Ellison is the
second-richest person in the richest country on Earth, just $5 billion behind
Microsoft Corp. supremo Bill Gates.
The latest Forbes magazine list of the richest people in the United
States showed Gates is worth an estimated $63 billion, despite losing some $22
billion in net worth in the last year as Microsoft's stock slid.
Ellison, who was No. 12 on the annual list last year, rocketed up to the
second spot by raising his net worth by $45 billion to $58 billion.
Behind Ellison, at third richest, is Microsoft co-founder Paul Allen, with a
net worth of $36 billion.
The Forbes list, published in the Oct. 9 edition of the business
magazine, shows the rich are still getting richer. The total net worth of the
Forbes 400 members soared 20 per cent, to $1.2 trillion, which is nearly the
gross domestic product of Britain.
In spite of the "tech wreck" in April, when shares of technology
companies slumped, there are 31 new billionaires on the Forbes 400. Now, 298 of
the 400 richest Americans are billionaires.
Forbes pointed out that Gates' net worth exceeds the gross domestic
product of Peru, while investment sage Warren Buffet - No. 4 on the list - has
amassed more wealth ($28 billion) than the gross domestic product of oil-rich
Kuwait. Cable tycoon Ted Turner's $9.1 billion, which makes him the 21st richest
American, equals the gross domestic product of Panama.
Some notable celebrity names appear on the list for the first time this year,
including Martha Stewart, whose October 1999 public offering of her Martha
Stewart Living Omnimedia IPO and branding deal with K-Mart have vaulted her to a
net worth of $1 billion.
Vince McMahon, the man who made the World Wrestling Federation into a pop
culture icon, has amassed a fortune estimated at $1.1 billion. New additions
that have technology to thank for their wealth include Jeffrey Hawkins and Donna
Dubinksy, creators of the Palm Pilot; and Vincent Smith and David Doyle,
co-founders of Qwest Software.
Reuters/Variety.
(C) Reuters Limited 2000.