U.S. Economy Produces Fewer of World's Richest People

Could this be another symptom of how the U.S. economy is losing its leadership position on the global stage? India now has four of the world's 10 richest people, the most for any single country. The U.S. has four of the world's top 20 richest people, and that's down 10 out of 20 only two years ago.

The world's richest man is Warren Buffett, with $62 billion, thanks to his investments in Berkshire Hathaway. The world's second richest man is Carlos Slim Helu, a Mexican telecom tycoon. He is worth $60 billion, thanks to the share prices of three of his companies: América Móvil, Telmex and Grupo Financiero Inbursa. Bill Gates is third, with $58 billion, thanks to Microsoft.

In terms of total number of billionaires, the United States still holds the top spot - 42% of the world's billionaires and 37% of its wealth. Russia is second, with 87 billionaires, surpassing Germany, with 59 billionaires. (Source: CNN Buffett Named World's Richest Man, March 6, 2008)

What It Means to You

Although this is strictly symbolic, it could be another indication of how emerging market economies are becoming stronger and more credible. The U.S. economy is no longer the world's largest economy, thanks to the current account deficit and less investment in technological training and . (See U.S. No Longer World's Largest Economy, February 12, 2008)

Related Articles

1. The U.S. Is Losing Its Competitive Edge
2. The Power of the U.S. Economy
3. The Role of Capital in the U.S. Economy