Developer Donald Trump is conspicuously absent from the Forbes magazine's latest annual list of America's 400 richest people.
Communications mogul John Werner Kluge topped the roster of billionaires and millionaires, who as a group have been hit hard by the economy's downturn, the magazine reported Monday.Trump, facing falling real estate values and massive debt, was joined on the sidelines by Ralph Ingersoll, whose newspaper empire was heavily funded by junk bonds, and Malcolm Forbes, the magazine's owner who died earlier this year at age 70.
Also excluded from this year's list was Merv Griffin, the entertainer whose Resorts International casino holdings were mired in federal bankruptcy proceedings. His net worth, estimated last year at $300 million, is now thought to be $250 million, the magazine said.
The net worth of 172 people still on the list dropped from 1989, and 53 people on the list lost between $100 million and $880 million, the magazine said.
Sumner Murray Redstone, owner of Viacom, suffered the largest decline as his net worth fell from $2.88 billion to $2 billion.
Also losing a chunk of change were publishing magnate Rupert Murdoch, whose net worth fell an estimated $600 million; cable television's Ted Turner, down $460 million; and H. Ross Perot, off $300 million, the magazine said.
But fallen junk-bond king Michael Milken managed to stay on the list with an estimated worth of $700 million, even after paying $600 million in government fines and penalties and losing $250 million in the bankruptcy of his old firm, Drexel Burnham Lambert Inc. Milken is awaiting sentencing on securities fraud and other charges.
The minimum amount to merit a place on the richest list dropped to $260 million, down from $275 million last year, the magazine said.
Both Kluge and second-place Warren Edward Buffett held the same places they did last year, Forbes said.
Kluge, whose holdings include Metromedia and Orion Pictures, was estimated to be worth at least $5.6 billion.
Omaha-based investor Buffett's worth was placed at $3.3 billion, followed by Revlon's Ronald Perelman with $2.87 billion and industrialist Henry Hillman with $2.65 billion.