The economy is improving for the super rich.
After two years of declines, the total net worth of America's richest people rose 10 percent to US$955 billion this year from last year, according to Forbes magazine's annual ranking of the nation's 400 wealthiest individuals.
Microsoft Corp founder Bill Gates, who remained in the top spot, personified the trend toward increasing wealth. His fortune increased by US$3 billion to US$46 billion this year. Microsoft co-founder Paul Allen held third place, with his net worth rising US$1 billion to US$22 billion.
Investor Warren Buffett kept the No. 2 position although his wealth was unchanged at US$36 billion.
Forbes said the surge in collective net worth was largely due to gains in Internet stocks and tech fortunes. For example, Amazon's Jeff Bezos saw his fortune expand by more than US$3 billion to US$5.1 billion as the stock of the online retailer skyrocketed. Bezos was the top gainer on the list, and holds spot 32.
David Filo, co-founder of Yahoo, saw his net worth nearly triple to US$1.6 billion, tying him with 13 others for the 126th spot. Yahoo's other co-founder, Jerry Yang, also nearly tripled his fortune, but he shared the 162nd spot on the list with 16 others with a US$1.4 billion fortune.
Rounding out the top 10 were Oracle Corp chairman Larry Ellison with an US$18 billion fortune and Dell Inc CEO Michael Dell with a net worth of US$13 billion.
Dell replaced Microsoft executive Steven Ballmer in 10th place. Ballmer is now No. 11 with a nest egg of $12.2 billion.
Notable drop-offs from the list include Global Crossing Ltd founder Gary Winnick, whose company is in bankruptcy, and Motorola Corp CEO Robert Galvin, whose company is suffering from the malaise afflicting the wireless and chip-making industry.
Thirty-one year old Daniel Ziff is the youngest person on the list. He inherited his US$1.2 billion fortune.
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
BULLY TACTICS: Beijing has continued its incursions into Taiwan’s airspace even as Xi Jinping talked about Taiwan being part of the Chinese family and nation China should stop its coercion of Taiwan and respect mainstream public opinion in Taiwan about sovereignty if its expression of goodwill is genuine, the Ministry of Foreign Affairs (MOFA) said yesterday. Ministry spokesman Jeff Liu (劉永健) made the comment in response to media queries about a meeting between former president Ma Ying-jeou (馬英九) and Chinese President Xi Jinping (習近平) the previous day. Ma voiced support for the so-called “1992 consensus,” while Xi said that although the two sides of the Taiwan Strait have “different systems,” this does not change the fact that they are “part of the same country,” and that “external
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source