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Friday, March 01, 2002

By Hope Yen, The Associated Press

NEW YORK -- Even the world's richest people feel the sting of a depressed economy and shrinking stock portfolios.

The world's distinct club of billionaires dropped 83 members this year to 497 as recession and fallout from the terrorist attacks reduced their wealth. The group's combined worth fell to $1.54 trillion from $1.73 trillion last year, according to Forbes magazine's 16th annual ranking of billionaires released yesterday.

Among the missing: AOL Time Warner Chairman Steve Case, whose company stock has declined by about half since last year, and Gary Winnick, chairman of Global Crossing, which filed for bankruptcy protection in January.

They led a second year of decline in the number of billionaires since the tech downturn began pressuring the world economy in 2000. The largest drop of 91 came last year.

Microsoft co-founder Bill Gates lost $6 billion last year, but that didn't stop him from being the richest man in the world for the 8th year in a row. With a net worth of $52.8 billion, Gates remained comfortably ahead of Warren Buffett, who held the No. 2 spot with $35 billion.

German retailers Theo and Karl Albrecht climbed two notches to No. 3, with a net value of $26.8 billion. They pushed Microsoft co-founder Paul Allen, ranked third last year with a value of $30.4 billion, to No. 4 after he lost $5.2 billion, partly in the stock market bust.

Oracle Corp. founder Larry Ellison had the fifth spot, while five heirs of the Wal-Mart fortune created by founder Sam Walton rounded out the top 10.

Among billionaires with local ties were investor/developer Henry L. Hillman, No. No. 127 at $3 billion; Dallas Mavericks owner and Broadcast.com founder Mark Cuban, formerly of Scott and Mt. Lebanon, No. 327 at $1.4 billion; and Anthony O'Reilly, No. 351 at $1.3 billion.