Sunday, March 09, 2008

Money goes to money!

Warren Buffett, the Chairman of Berkshire Hathaway Inc., beat out Bill Gates on the annual list of billionaires of Forbes magazine.

Microsoft Corp.'s co-founder didn't manage to stay on the top spot of the list due to Buffett's wealth increase of about $10 billion to $62 billion in the last 12 months. The $10 billion increase came mainly from a gain in the company's shares, Forbes claimed in a statement released few days ago.

On the other hand, Gate's fortune rose by $2 billion reaching $58 billion. The Microsoft chairman, who's now 52 years old, fell to the third position on the worldwide list behind Mexican telecommunications Carlos Slim, 68, who has a net worth of $60 billion.

The list shows how the wealth expands in emerging markets around the world. In particular, Russia overtakes Germany as the 2nd- richest country in terms of billionaires as well as 70% of newcomers from India, Russia, China and the U.S. Also, while in 2006 most of the top 20 billionaires were Americans, this year there were only 4 of them.

It worth noting what Simon Carter- who manages $3 billion at Aegon Asset Management in Edinburgh- said about Buffett: " Warren Buffett is a good example of an extremely smart investor who has managed to stay loyal to his valuation discipline''.

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