Among the 400 richest billionaires in America, there were only six who lost more than $1 billion in the past year.Ray Dolby lost $1.2 billion after Dolby shares tanked. Cargill MacMillan, Marion MacMillan Pictet, Whitney MacMillan and Pauline MacMillan Keinath each lost $1.2 billion due to declining valuation for the private Cargill empire.
And then there was Warren Buffett, who lost $6 billion.
Buffett’s losses came primarily through a 20% decline in Berkshire Hathaway shares over the past year. He also lost on reinsurance stocks in the tsunami and on various financial stocks which have declined through the year.
We repeat, the only big loser was Warren Buffett, who is still worth $39 billion and who wants to pay more in taxes.
Altogether the Forbes 400 got 12% richer over the past year, with Mark Zuckerberg leading gainers at $11 billion. At the same American poverty surged to new levels. As they say, the rich are getting richer and the poor are getting poorer.
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