BUSINESS
11/10/2008 05:12 am ET | Updated May 25, 2011

Biggest Loser: Bill Gates Loses $1.5 Billion As Buffett Becomes US Richest

Warren Buffett has overtaken Bill Gates to become the richest American in the Forbes 400 list, Bloomberg said, citing a recalculated list to be published later this month.

The magazine, in its October 27 issue, recalculates the effect of September's financial news on the wealthiest Americans, those who make up its Forbes 400 list, the agency said.

The Berkshire Hathaway Inc chairman added $8 billion to his net worth in a 33-day period, August 29 to October 1, to reach $58 billion, the agency said, citing the magazine.

Buffett overtook the Microsoft Corp co-founder, whose net worth declined $1.5 billion to $55.5 billion during the 33-day period, the agency said.

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