Bill Gates still the Richest

Bill Gates is still a multibillionaire, but not quite as wealthy as he was a year ago.

The co-founder and chairman of Microsoft Corp. remained the richest person in the world as of Aug. 27, according to the annual survey by Forbes Magazine of the 400 wealthiest Americans.

The slowing economy was reflected in the declining worth in the rankings, which were released by Forbes on its Web site Thursday night.

Super investor Warren Buffett moved into second place, followed by the other Microsoft co-founder, Paul Allen. Oracle chief executive Larry Ellison dropped from second to fourth.

Gates' net worth fell to $54 billion this year, down from $63 billion last year, largely on the strength of Microsoft's shares, but the diversity of his portfolio, which includes significant investments beyond Microsoft, kept him in the top spot for the eighth straight year.

After the Sept. 11 terrorist attacks, the magazine recalculated the impact on 50 of the list's more recognizable names since the cutoff date of Aug. 27.

Gates lost another $7.2 billion from Aug. 27 to Sept. 24, leaving his net worth at $46.8 billion. Buffett lost $2.8 billion, dropping his net worth to $30.4 billion, and Allen's net worth fell $4 billion to $24.2 billion.

The total net worth of the group of 50 dropped from $311 billion to $266.5 billion, or more than $44 billion.

News source: CBS MarketWatch