BUFFETT OVERTAKES GATES IN NEW FORBES LIST

October 12, 2008
The Financial Express

Billionaire investor Warren Buffett is again the richest American, deposing Microsoft co-founder Bill Gates, after Forbes magazine recalculated the fortunes of some of the 400 wealthiest Americans.

The magazine took another look at the fortunes of some of the billionaires on its Forbes 400 list to assess the effect of the worst financial crisis since the 1930s Depression and released a select list naming some of those hit hard.

But while 17 billionaires on Forbes list lost more than $1 billion in September, Buffett managed to boost his wealth by $8 billion to $58 billion, pushing him ahead of Gates, whose fortune fell to $55.5 billion from $57 billion.

Gates had been ranked No 1 on the Forbes 400 list for the past 15 years with his Microsoft fortune.