‘Billionaires only, thank you’

NEW YORK – These days, it takes a billion – at least.

For the first time, Forbes magazine’s list of the 400 richest Americans consists exclusively of people worth US$1 billion or more. As a group, the people who made the rankings released Thursday are worth a record US$1,25 trillion, compared to US$1,13 trillion last year.In the billionaire-athon, casino magnate Sheldon Adelson pole-vaulted to No.3 from 15 in last year’s ranking, finishing behind the mainstays at Nos.1 and 2: Microsoft Corp.founder Bill Gates and Warren Buffett of Berkshire Hathaway Inc.Adelson is now estimated to have US$20,5 billion, Buffett Us$46 billion and Gates US$53 billion.Gates has held the No.1 spot for the last 13 years while Buffett has been No.2 every year since 1994 except 2000, when Larry Ellison of Oracle Corp.held that spot.Adelson’s expanding net worth is related in no small part to his decision to open a casino two years ago on the island of Macau, an emerging gambling haven off the southeastern coast of China.Profits are growing rapidly thanks to the Las Vegas Sands Corp.’s Macau casino.Adelson personally and through family trusts controls 70 per cent of the company, Las Vegas Sands spokesman Ron Reese said.The biggest number of people on the list live in California, which houses 90 of the 400, and another 44 live in New York City.Nampa-APAs a group, the people who made the rankings released Thursday are worth a record US$1,25 trillion, compared to US$1,13 trillion last year.In the billionaire-athon, casino magnate Sheldon Adelson pole-vaulted to No.3 from 15 in last year’s ranking, finishing behind the mainstays at Nos.1 and 2: Microsoft Corp.founder Bill Gates and Warren Buffett of Berkshire Hathaway Inc.Adelson is now estimated to have US$20,5 billion, Buffett Us$46 billion and Gates US$53 billion.Gates has held the No.1 spot for the last 13 years while Buffett has been No.2 every year since 1994 except 2000, when Larry Ellison of Oracle Corp.held that spot.Adelson’s expanding net worth is related in no small part to his decision to open a casino two years ago on the island of Macau, an emerging gambling haven off the southeastern coast of China.Profits are growing rapidly thanks to the Las Vegas Sands Corp.’s Macau casino.Adelson personally and through family trusts controls 70 per cent of the company, Las Vegas Sands spokesman Ron Reese said.The biggest number of people on the list live in California, which houses 90 of the 400, and another 44 live in New York City.Nampa-AP