WHATS GO UP FAST COMES DOWN FASTWHAT GOES FAST

Other developing countries that saw fast growth in previous years were hit hard as well, including Turkey, where the number of billionaires fell to 13 from 35, partly due to the collapse in the value of the lira currency, and India. Indian businessman Anil Ambani, the biggest gainer on last year's list, was the biggest loser this time, with $32 billion wiped out over the last 12 months. Ranked sixth last year, he fell to 34 with an estimated wealth of $10.1 billion.

"India took a huge whack," Kroll said, noting that last year Indians held four of the top 10 spots and now only two, and the number of Indian billionaires more than halved to 24. Of those who remained or returned to the list, 656 saw their net worth fall, 52 held even and only 44 managed to expand their wealth. The only person in the top 20 who did not lose money was New York Mayor Michael Bloomberg, whose net worth was revised up to $16 billion from $11.5


Billion because of a revaluation of his media company, Bloomberg LP, Forbes said. He is now the richest man in New York, jumping from 65 in the world to 17. orbes Senior Editor Matthew Miller said that, in the current climate, those who lost only 20 per cent of their wealth were doing relatively well; for example members of the Walton family which founded discount retailer Wal-Mart Stores Inc. "They lost $5 billion each, but Wal-Mart stock hasn't completely fallen off the cliff like everything else," he said.


Another discount retailer riding out the storm was Japan's Tadashi Yanai. His firm Fast Retailing, known for its Uniqlo stores, helped push him from 296th last year to 76th and raised his net wealth to $6 billion from $3.6 billion. Others who managed to get richer were investors George Soros and Ronald Perelman, as well as short-seller John Paulson, who has profited from the fall in financial stocks, and entertainer Oprah Winfrey who jumped to 234 from 462.
Among those conspicuous by their absence from the list was Facebook founder Mark Zuckerberg, one of last year's stars when he became the youngest self-made billionaire to make the list.
Also dropping out were big name casualties of the financial crisis on Wall Street -- former American International Group Inc chief executive Maurice "Hank" Greenberg and former Citigroup Inc chief executive Sanford Weill.
Allen Stanford, the Texan accused of an $8 billion fraud by US regulators, was also booted off the list.
Crime, however, did not disqualify one notable new entry to the list -- Mexican drug lord Joaquin "Shorty" Guzman, who is among the world's most wanted men and now worth $1 billion.
"He is not available for interviews," Kroll said. "But his financial situation is doing quite well."