Finance

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Buffett Unseats Gates as World’s Richest Man

March 07, 2008 11:38 AM
by findingDulcinea Staff
Forbes lists Berkshire Hathaway CEO Warren Buffett as the wealthiest man alive, unseating Microsoft founder Bill Gates, who held the position for 13 years.

30-Second Summary

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Forbes Magazine reports that Warren Buffett now tops its annual ranking of the world’s billionaires. The Berkshire Hathaway CEO is worth an estimated $62 billion.

Microsoft founder Bill Gates is ranked third with $58 billion, behind Mexican telecom tycoon Carlos Slim Helu.

Facebook founder Mark Zuckerberg came in at number 785, but at age 23 is the youngest self-made billionaire included on the list.

Buffett recently released one of his famously chatty and frank letters to shareholders of Berkshire Hathaway, a Nebraska-based conglomerate holding company

“By any common sense definition, we are in a recession,” he told CNBC shortly after the release.

The “Oracle of Omaha” is known for his relatively frugal lifestyle, despite his grand wealth. He is reported to eat burgers and steaks every day, in addition to living in the same house he bought in the 1960s for $31,500.

“If you want to know why I passed Bill Gates, it’s because I spend less. It’s a tribute to thriftiness,” Buffett joked to a CNBC correspondent, according to the network’s “Warren Buffett Watch.”

While Forbes’ annual ranking generates discussion of the lifestyles of the rich and famous, others, such as Nickel and Dimed writer Barbara Ehrenreich, are concerned about what is perceived as a growing gap between the rich and poor in America.

Headline Links: Gates No Longer World’s Richest Man

Related Links: Zuckerberg is youngest billionaire on Forbes list

Background: Warren Buffett’s ‘Brilliant Career’ and CNBC

Related Topics: The growing gap between the rich and poor in America

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