Who said that the American economy was not doing well or that
we are in a "downturn"? You Go Rich People!

 

From: newbluebluewo...@yahoogroups.com
[mailto:newbluebluewo...@yahoogroups.com] On Behalf Of sxg
Sent: Wednesday, September 19, 2012 7:13 PM
To: Undisclosed-Recipient: ;@smtp102.sbc.mail.ne1.yahoo.com
Subject: [NewBlueBlueWorld] Richest Americans' net worth jumps to $1.7
trillion: Forbes

 






it's the economy stoopid

the poor top 1% are only up to $4.2 billion - when will the horror end?

 

The net worth of the richest Americans grew by 13 percent in the past year
to $1.7 trillion

why must the rich be forced to suffer at the hands of obama socialism????


Richest Americans' net worth jumps to $1.7 trillion: Forbes


By Dan Burns | Reuters - 7 hrs ago

 

NEW YORK (Reuters) - The net worth of the richest Americans grew by 13
percent in the past year to $1.7 trillion, Forbes magazine said on
Wednesday, and a familiar cast populated the top of the annual list,
including Bill Gates, Warren Buffett, Larry Ellison and the Koch brothers.

The average net worth of the 400 wealthiest Americans rose to a record $4.2
billion, up more than 10 percent from a year ago, while the lowest net worth
came in at $1.1 billion versus $1.05 billion last year, the magazine said.
Seven in ten of the list's members made their fortunes from scratch.

It was a bad year, however, for social media moguls, whose net worth fell by
a combined $11 billion. On the heels of Facebook Inc's rocky IPO in May, the
No. 1 social network's chief executive, Mark Zuckerberg, was the year's
biggest dollar loser: his net worth fell by nearly half to $9.4 billion from
$17.5 billion. He also slid to the No. 36 slot from No. 14 a year ago,
Forbes said.

Facebook shares have fallen 40 percent from their IPO price of $38 a share
in May.

Dismal performances by other social media stocks dropped some executives
from the list altogether, including Groupon Inc Chairman Eric Lefkofsky, No.
293 on last year's list, and Zynga Inc Chairman and CEO Mark Pincus, No. 212
on the 2011 list.

"The gap between the very rich and merely rich increased and helped drive up
the average net worth of The Forbes 400 members to an all-time record $4.2
billion," said Forbes Senior Wealth Editor Luisa Kroll.

Collectively, this group's net worth is the equivalent of one-eighth of the
entire U.S. economy, which stood at $13.56 trillion in real terms according
to the latest government data. But the 13 percent growth in the wealth of
the richest Americans far outpaced that of the economy overall, helping
widen the chasm between rich and poor.

Forbes attributed the growth in net worth in part to the performance of the
stock market and a recovering real estate market.

But while their wealth grew faster than the economy as a whole, which
expanded at an anemic 1.7 percent annual rate in the second quarter of 2012,
the super rich generally failed to keep pace with the stock market. The
benchmark Standard & Poor's 500 index rose nearly 20 percent over the 12
months ended August 24, the last date of market performance measured for
this year's list.

FAMILIAR NAMES AT THE TOP

Gates, the chairman of Microsoft Corp., topped the list for the 19th year in
a row, with $66 billion, up $7 billion from a year earlier.

Buffett, chairman and chief executive of insurance conglomerate Berkshire
Hathaway Inc, stood second with $46 billion, followed by Ellison, head of
software maker Oracle Corp, with $41 billion. Brothers Charles and David
Koch, who run the energy and chemicals conglomerate Koch Industries Inc and
who are active in conservative politics, were tied for fourth with $31
billion, Forbes said.

The ranks of the top five were unchanged from a year earlier.

Two notable names dropped from the top 10, however. Casino magnate Sheldon
Adelson, also active in conservative political causes, fell to the 12 spot
from No. 8 last year, and financier and liberal philanthropist George Soros
dropped five spots to No. 12.

Michael Bloomberg, the billionaire founder of Bloomberg LP who is now in his
third term as New York City mayor, rose to the No. 10 slot.

Newcomers to the elite club of 400 include Laurene Powell Jobs, the widow of
Apple Inc cofounder Steve Jobs who is now the wealthiest woman in Silicon
Valley, and Jack Dorsey, the co-founder of Twitter.

Just 45 women made the cut, up from 42 last year, Forbes said.

California has the largest share of Forbes 400 members, with 87, followed by
New York, Texas, Florida and Illinois. Among cities, New York City topped
the list, with 53. San Francisco, Dallas, Los Angeles and Houston rounded
out the top-five cities.

One quarter of the Forbes 400 come from the finance and investment sector
while another quarter come from either the technology, media or energy
industries.

The complete list can be found at: www.forbes.com/forbes400 .

(Additional reporting by Edith Honan in New York; editing by Matthew Lewis)

 

http://news.yahoo.com/richest-400-americans-net-worth-jumps-13-pct-150248191
--finance.html








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