MercoPress. South Atlantic News Agency

Wealth of US richest 400 down 330 billion USD

Unfortunate Warren Buffet lost 10 billion USD

The collective wealth of the richest 400 US citizens has fallen by 300 billion US dollars over the past year, according to the latest Forbes 400 rich list. With downturn in the financial markets and wider economy taking its toll, this is an annual decline of 19%.

Out of the 400 people on the list, business magazine Forbes estimates that 314 saw their wealth decline. It was only the fifth time since the Forbes 400 was first compiled in 1982 that the collective wealth has fallen.

The second richest person on the list -celebrated investor Warren Buffet- saw the biggest financial decline over the past year, losing an estimated 10 billion.

Meanwhile, disgraced financier Sir Allen Stanford has fallen off the list.

The assets at Sir Allen's banking empire have been frozen since the start of the year after he was accused of running an 8 billion fraud.

Sir Allen has pleaded not guilty to the charges, and continues to be held in detention ahead of his trial. Microsoft co-founder Bill Gates remains top of the list, worth an estimated 50 billion.

Of the 10 richest Americans, third place Lawrence Ellison was the only one to see his wealth remain unchanged. He is worth an estimated 27 billion.

The richest five US citizens: Bill Gates, 50 billion, down 7 billion; Warren Buffet, 40 billion, down 10 billion; Lawrence Ellison, 27 billion, unchanged; Christy Walton and family (Wal-Mart), 21.5 billion, down 1.7 billion; Jim Walton, Wal-Mart, 19.6 billion, down 3.8 billion.