A billion dollars just doesn't go as far as it used to.
For the first time, it takes more than US$1 billion to earn a spot on Forbes magazine's list of the 400 richest Americans. The minimum net worth for inclusion in this year's rankings released on Thursday was US$1.3 billion, up US$300 million from last year.
The new threshold meant 82 billionaires didn't make the cut.
PHOTO: EPA
Collectively, the people who made the rankings released on Thursday are worth US$1.54 trillion, compared with US$1.25 trillion last year.
The very top of the list was unchanged: Microsoft Corp founder Bill Gates led the list for the 14th straight year, this time with a net worth estimated at US$59 billion.
He was followed by Warren Buffett of Berkshire Hathaway Inc in second place with an estimated US$52 billion and casino mogul Sheldon Adelson, No. 3 with an estimated worth of US$28 billion.
Larry Ellison of Oracle Corp maintained his ranking at No. 4, with an estimated net worth of US$26 billion.
But the list showed some notable changes.
Joining the top 10 of the country's richest for the first time were Google Inc founders Sergey Brin and Larry Page, who tied for fifth place.
The 34-year-old moguls' wealth has quadrupled since 2004 to an estimated US$18.5 billion this year, while their company's stock value has surged 500 percent.
And, lower down, almost half of the 45 newcomers made their millions in hedge funds and private equity investments. The youngest member of this year's list was 33-year-old hedge fund manager John Arnold, who joined the ranks at No. 317 and a net worth of US$1.5 billion.
"Wall Street really led the charge this year," said Matthew Miller, editor of the Forbes list.
Surging oil prices also helped some members of the list. Oil baron brothers Charles and David Koch shared the No. 9 spot with estimated wealth of US$17 billion.
Their ascension bumped the Walton family, heirs to the Wal-Mart Stores Inc fortune, from the top 10 for the first time since 1989.
Also in the top 10 was Michael Dell of computer maker Dell Inc at No. 8.
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