$1 billion is no longer rich
Forbes has released its annual list of the 400 richest Americans -- and this year, some of the usual suspects have been demoted. Jill Barshay reports.
(Left to right) Google founders Larry Page and Sergey Brin. The two made the list of Forbes' 400 richest Americans for the first time. (Justin Sullivan/Getty Images)
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Doug Krizner: Forbes magazine put out its annual ranking of the richest Americans last night, Bill Gates topping the list with $59 billion. No surprise there. What's raising eyebrows is who's off the list. Marketplace's Jill Barshay reports.
Jill Barshay: A billion dollars is no longer enough to make it on Forbes magazine's list of the 400 richest Americans.
Matthew Miller compiled it at Forbes:
Matthew Miller: You know, what's fascinating about this year's list is that the minimum to get on was $1.3 billion. And we actually left 82 billionaires behind. It's the first time that ever happened.
The rich list is fun to gasp at, but it's also a good snapshot of the U.S. economy.
Executives at hedge funds and private equity shops led the charge up the economic ladder. They accounted for half of the 45 new additions to the list. Google founders Sergey Brin and Larry Page made the top 10 for the first time.
Miller: The only sector that you really kind of see a weakening in -- and it's only because those fortunes are not growing fast, is manufacturing -- We don't see as many manufacturing fortunes.
Off the list is Starbucks CEO Howard Schultz. And it's the first time since 1989 that a Wal-Mart heir has not appeared in the top 10.
In New York, I'm Jill Barshay for Marketplace.
