The world's richest people are getting poorer, as the global economic downturn and the fight against terrorism have made it harder to make money and keep it, according to Forbesmagazine.
Forbes
magazine published its 16th annual ranking of the world's billionaires this week, and Microsoft founder Mr Bill Gates heads the list of 497 billionaires once again, with a fortune of $52.8 billion. Last year's total was $538 billion.
Media magnate Sir Anthony O’Reilly ranked 351st with $1.3 billion and Mr John Dorrance ranked 191st with $2.2 billion are the only two Irishmen on the list. Mr Dorrance made his fortune through shares inherited in Campbell, the American food giant.
The billionaires' average net worth dipped from $3.2 billion to $3.1 billion.
Mr Warren Buffett, the head of Berkshire Hathaway and one of America's most watched investors, ranks second on the list, with a worth of $35 billion, followed by German discount supermarket kings Mr Karl and Mr Theo Albrecht, Microsoft co-founder Mr Paul Allen and Oracle founder Mr Larry Ellison.
British billionaires claimed 13 places on the list, seven of whom have seen their wealth decline, the magazine said.
Highest-ranking among the Britons was the Duke of Westminster at 38, with land holdings in London's West End making him worth $6.7 billion.
He was followed by supermarket tycoon David Sainsbury at 76, with a fortune of $4.3 billion. Formula One chief Bernard Ecclestone raced in at 127, with $3 billion.
Virgin tycoon Richard Branson's $1.4 billion worth earned him a spot lower down at 327.
Forbes listed several big financial losers on its roster, including Japanese investor Masayoshi Son. His worth dropped $77 billion in two years, as the value of his Softbank holdings fell 98 per cent.
The magazine also cites the $5 billion hit Mr Ted Turner, AOL Time Warner's largest individual shareholder, has taken as the media giant's stock fell nearly 60 per cent in value.