The Forbes magazine annual list of Billionaires has hit the newstand (and the web). Here's the scoop ... Last year there were 1,125 billionaires, today there are just 793. Yes, almost thirty percent of last year's uber-rich have dropped into the ranks of multi-millionaires. Not only did the number of billionaires decline, their collective net worth shrank by a whopping $2 trillion dollars. The top five this year all saw their portfolios shrink, but don't feel too sorry for them, each is still are worth more than $20 billion.
Here are the five wealthiest and their estimated net worth.
- Bill Gates (US) $40 billion
- Warren Buffett (US) $37 billion
- Carlos Slim Helu (Mexico) $35 billion
- Larry Ellison (US) $22.5 billion
- Ingvar Kamprad (Sweden) $22 billion
What are the implications for the luxury home market? The list of prospects for the $100 million dollar trophy properties around the world just got shorter. In fact, at least one billionaire is trying to back out of a deal made before the world credit crunch. Russian oligarch Mikhail Prokhorov contracted to purchase Villa Leopolda on the French Riviera for $750 million back in 2008. Now, according to the London Daily Mail, he wants his $55 million deposit back. Seller Lily Safra seems to believe a deal is a deal.
Prokhorov aside, luxury products and services are still selling and purveyors of luxury other premium products are obviously hopeful -- Glenlivet single malt scotch, Mercedes-Benz, Burgess Yachts, and Richard Mille watches are promoting their wares in the pages of Forbes billionaire issue.
Yes, the rich have gotten poorer, but they'll be back with deeper pockets and pent-up demand for luxury residences. So, polish your skills, stay in the game, and keep working to brand yourself as a luxury expert. It will pay off.
