Gates retains top spot in Forbes Billionaires list

Bill Gates has retained his top spot in this year’s Forbes Magazine World Billionaires List, which has reported a decline in growth for the first time in ten years.

The decline in the number of billionaires means Forbes feature 497 individuals in 2002, down from 538 last year - and for every billionaire who joined or returned to the roster, two others departed.

In addition, 50 per cent of the billionaires on this year’s list saw their net worth decrease while only 23 per cent saw a rise. Average net worth also fell from $3.2 billion to $3.1 billion.

In pole position for the eighth consecutive year, Bill Gates has lost $6 billion dollars over the past year, but has still managed to amass a respectable $52.8 billion – a sum greater than the entire amount of additional spending on defence as ordered by the Bush administration in 2002.

Warren Buffet also holds onto his position at number two, with an increase in net worth from $32.3 billion to $35 billion, thanks to his back-to-basics approach to investing.

Supermarket discounting kings Karl and Theo Albrecht are at number three. The reclusive brothers are self-made billionaires, who own more than 4,000 Aldi stores in Germany and 10 other countries with estimated revenues of $27 billion. They also hold 7 per cent of Boise, Idaho-based Albertson's supermarkets and all of gourmet food and beverage chain Trader Joe's.

The Albrecht brothers are also the only European billionaires making it into the top ten list, as the other nine all hail from America.

Notable dropouts from this year’s list include Ted Turner, who, as AOL Time Warner’s largest individual shareholder, saw his stock drop by almost 60 per cent, costing him $5 billion. He now appears at number 97 on the list.

German tycoon Leo Kirch reported the biggest fall in net worth – 91 per cent – which means he falls from last year’s height of number 20 to number 445 in 2001.

(CL)