Richest U.S. 400 worth $NZ358B

Press, 12 October 1988, Page 37

Richest U.S. 400 worth $NZ358B

By

ANDREW STERN

NZPA-Reuter New York Last October’s stock market crash stung many of America’s richest people, but “Forbes” magazine’s list of tiie most affluent 400 shows their collective pile of wealth has mounted still higher. Altogether, the nation’s 400 richest people were worth ' $U5220.4 billion ($358.68) at August 30, slightly higher than their worth when the list was compiled a year ago and more than enough to pay off the U.S. government’s current annual deficit of around SUSISOB ($244.18). The average size of America’s largest fortunes climbed by SUSIM ($1.62M) in the past year to SUSSSIM ($896.66M). Inclusion in the moneyed club required about SUS22SM ($366.1 M) in assets, minus liabilities, “Forbes” said, and most of the members were selfmade. Once again at the top of the list was Sam Walton, the 70-year-old founder and chief stockholder of Wal-Mart Stores, still worth 5U56.78 ($10.9B) in spile of the crash. In fact, just the amount by which Walton’s net worth declined since last year _ SUSI.BB ($2.98) from his 1987 hoard of SUSB.SB ($13.838) — would be enough to qualify its holder for 16th on “Forbes” list. Walton, of Bentonville, Arkansas, ranks as the fifth richest person in the world, the magazine said. The world’s richest person is Japan’s Yoshiaki Tsutsumi at SUSIB.9B ($30.758). The October 19 crash sliced into the fortunes of many of America’s richest people, halving the fortunes of media

giant, Rupert Murdoch, and clothier, Leslie Wexner. Walton was philosophical, calling them speculative losses from paper profits. He would also prefer not to be on the list of the most affluent. “It’s just paper — all I own is a pickup truck and a little Wal-Mart stock,” he told “Forbes.” On the other side of the gold coin, Donald Trump, the brash Manhattanbased real estate mogul, appeared to be proud of his riches — to the point of exaggerating them. “Forbes” said Trump’s SUSIB ($1.68) fortune made him one of seven newcomers to its list of 51 billionaires, ranking him 50th. Trump himself put his net worth at 5U53.748 ($6.08B). Trump, aged 42, also did not hesitate to praise the trappings of his wealth: “The man in the street, the little guy, digs the limo, the helicopter, the (Boeing) 727.” Rupert Murdoch was on a record money-making pace in 1987, trebling his net worth to SUS2.IB ($3.368) before the crash, the magazine says. But his fortune dwindled to SUSI.2B ($1.928) following “Black Monday," relegating him from eighth to 35th place on the “Forbes” magazine’s list. Fox Broadcasting, which Murdoch is trying to build into a fourth national broadcasting network, is expected to lose SUSBOM (SI2BM) this year, the magazine article stated. By Forbes’ estimates of worldwide wealth, Walton is behind Japan’s Yoshiaki Tsutsumi, Taikichiro Mori, SUSIBB ($28.8B); and Haruhiko Yoshimoto, SUS7.BB ($12.488) and Canada’s Kenneth Cole Irving, SUSBB ($12.8B).