The world has become a wealth wasteland.
Like the rest of us, the richest people in the world have endured a financial disaster over the past year. Today there are 793 people on our list of the World's Billionaires, a 30-percent decline from a year ago.
Of the 1,125 billionaires who made last year's ranking, 373 fell off the list -- 355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.
The world's richest are also a lot poorer. Their collective net worth is $2.4 trillion, down $2 trillion from a year ago. Their average net worth fell 23 percent to $3 billion. The last time the average was that low was in 2003.
Bill Gates lost $18 billion but regained his title as the world's richest man. Warren Buffett, last year's number one, saw his fortune decline $25 billion as shares of Berkshire Hathaway fell nearly 50 percent in 12 months, but he still managed to slip just one spot to number two. Mexican telecom titan Carlos Slim Helú also lost $25 billion and dropped one spot to number three.
It was hard to avoid the carnage, whether you were in stocks, commodities, real estate or technology. Even people running profitable businesses were hammered by frozen credit markets, weak consumer spending or declining currencies.
Ambani is one of 24 Indian billionaires, all but one of whom are poorer than a year ago. Another 29 Indians lost their billionaire status entirely as India's stock market tumbled 44 percent in the past year and the Indian rupee depreciated 18 percent against the dollar. It is no longer the top spot in Asia for billionaires, ceding that title to China, which has 28.
Russia became the epicenter of the world's commodities bust, dropping 55 billionaires -- two-thirds of its 2008 crop. Among them: Dmitry Pumpyansky, an industrialist from the resource-rich Ural mountain region, who lost $5 billion as shares of his pipe producer, TMK, sank 84 percent. Also gone is Vasily Anisimov, father of Moscow's Paris Hilton, Anna Anisimova, who lost $3.2 billion as the value of his Metalloinvest Holding, one of Russia's largest ore mining and processing firms, fell along with his real estate holdings.
Twelve months ago Moscow overtook New York as the billionaire capital of the world, with 74 tycoons to New York's 71. Today there are 27 in Moscow and 55 in New York.
After slipping in recent years, the U.S. is regaining its dominance as a repository of wealth. Americans account for 44 percent of the money and 45 percent of the list's slots, up seven and three percentage points from last year, respectively. Still, it has 110 fewer billionaires than a year ago.
Those with ties to Wall Street were particularly hard hit. Former head of AIG Maurice (Hank) Greenberg saw his $1.9 billion fortune nearly wiped out after the insurance behemoth had to be bailed out by the U.S. government. Today Greenberg is worth less than $100 million. Former Citigroup Chairman Sandy Weill also falls from the ranks.