Warren Buffett moves up in Forbes ranking

By Dan Hart, Bloomberg

WASHINGTON — Las Vegas Sands Corp. Chief Executive Officer Sheldon Adelson’s net worth declined by US$4 billion between Aug. 29 and Oct. 1, the steepest drop among Americans who lost US$1 billion or more during the credit crisis, according to Forbes magazine. The magazine, in its Oct. 27 issue, recalculates the effect of September’s financial news on the wealthiest Americans, those who make up its Forbes 400 list. That list was published on Sept. 17. Berkshire Hathaway Inc. Chairman Warren Buffett overtook Microsoft Corp. co-founder Bill Gates as the richest American by posting an US$8 billion gain to US$58 billion during the period, the magazine said. Gates’s net worth declined US$1.5 billion to US$55.5 billion during the 33-day period. He had been first for 15 straight years. In September, U.S. stocks swooned as the Bush administration began preparing a US$700 billion bank bailout, Lehman Brothers Holdings Inc. filed for a record bankruptcy, American International Group Inc. received an US$85 billion loan from the U.S. government and Washington Mutual Inc. became the biggest U.S. bank to fail.

Dish Network Corp. CEO Charles Ergen’s net worth fell US$2.2 billion to US$5.9 billion. He had been 35th on the list published in September.

Oracle Corp. Chief Executive Larry Ellison’s wealth dropped US$1.6 billion to US$25.4 billion, while the net worth of Google Inc. co-founders Sergey Brin and Larry Page fell by US$1.5 billion each. Investor Carl Icahn’s holdings declined US$1.6 billion to US$12 billion, Forbes said. Continental Resources Inc. CEO Harold Hamm’s holdings fell US$1.5 billion to US$7 billion, the magazine said.

Computer company founder Michael Dell’s fortune dwindled to US$15.9 billion from US$17.3 billion. Houston billionaire Dan Duncan’s holdings slid to US$6.3 billion from US$7.6 billion, while investor Kirk Kerkorian’s wealth declined by US$1.2 billion to US$10 billion.

Amazon.com Inc. founder Jeffrey Bezos’s holdings fell by US$1.1 billion to US$7.6 billion. He was 33rd on the list published last month.