The Rich Get Poorer

By Town Cryor • March 22, 2009

Forbes Magazine counts 793 billionaires, down from 1,125 a year ago, with an average net worth of $3 billion, down 23% in 12 months.
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Like the rest of us, the richest people in the world have endured a financial disaster over the past year. Today there are 793 people on Forbes annual list of the World’s Billionaires, a 30% decline from a year ago.

Of the 1,125 billionaires who made last year’s ranking, 373 fell off the list–355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.

Bill Gates lost $18 billion but regained his title as the world’s richest man. Warren Buffett, last year’s No. 1, saw his fortune decline $25 billion as shares ofÂ Berkshire Hathaway (nyse:Â BRK.A -Â news -Â people ) fell nearly 50% in 12 months, but he still managed to slip just one spot to No. 2. Mexican telecom titan Carlos Slim HelÃº also lost $25 billion and dropped one spot to No. 3.

The biggest loser in the world this year, by dollars, was last year’s biggest gainer. India’s Anil Ambani lost $32 billion–76% of his fortune–as shares of his Reliance Communications, Reliance Power and Reliance Capital all collapsed.

Ambani is one of 24 Indian billionaires, all but one of whom are poorer than a year ago. Another 29 Indians lost their billionaire status entirely as India’s stock market tumbled 44% in the past year and the Indian rupee depreciated 18% against the dollar. It is no longer the top spot in Asia for billionaires, ceding that title to China, which has 28.

Russia became the epicenter of the world’s commodities bust, dropping 55 billionaires–two-thirds of its 2008 crop. Among them: Dmitry Pumpyansky, an industrialist from the resource-rich Ural mountain region, who lost $5 billion as shares of his pipe producer, TMK, sank 84%. Also gone is Vasily Anisimov, father of Moscow’s Paris Hilton, Anna Anisimova, who lost $3.2 billion as the value of his Metalloinvest Holding, one of Russia’s largest ore mining and processing firms, fell along with his real estate holdings.

(Forbes:Luisa Kroll, Matthew Miller and Tatiana Serafin,Â 03.11.09, 06:00 PM EDT)