Forbes: Almost all of America’s wealthiest citizens are poorer this year

Special Report
The Richest People In America
Edited by Matthew Miller and Duncan Greenberg

America’s super rich are getting poorer. For only the fifth time since 1982, the collective net worth of The Forbes 400, our annual tally of the nation’s richest people, has declined, falling $300 billion in the past 12 months from $1.57 trillion to $1.27 trillion.

Faltering capital markets and real estate prices, along with divorce and fraud, pushed the fortunes of 314 members down and drove 32 plutocrats off the rankings.

Hurt the most: Warren Buffett, America’s second-richest citizen. The Oracle of Omaha dropped $10 billion from his personal balance sheet as shares of Berkshire Hathaway ( BRK – news – people ) fell 20% in 12 months. He is now worth $40 billion…

More here.

[CAJ Note: Didn’t Warren Buffet endorse candidate Obama? And wasn’t he one of the president’s advisers regarding the recent “stimulus” package?]

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