It’s the Oscars for the super rich: Forbes Magazine this week published its annual survey of the world’s billionaires. Whatever its forensic accuracy it is nevertheless used as a handy barometer of the state of the world’s economies, not least that of the United States where year in, year out for the past couple of decades the list shows that around 400 of its richest possess as much wealth as 155 million of their compatriots – the so-called bottom half of society. Microsoft co-founder Bill Gates, 55, would have topped the list with a personal fortune of $88 billion – if he and his wife Melinda had not given away $28 billion to good causes such as the eradication of malaria and polio in poorer, developing countries through the Bill and Melinda Gates Foundation. Berkshire Hathaway investment vehicle founder Warren Buffett whose fortune is estimated at $47 billion would have been second if he, too, had not given away billions to philanthropic causes. Both Mr Gates and Mr Buffett have been trying to persuade their fellow billionaires, through their charity The Giving Pledge, to give way at least half of their immense fortunes either during their lifetimes or as bequests. Their campaign has met with mixed responses probably best characterised by Carlos Slim Helu, the Mexican telecoms entrepreneur who is officially the world’s richest man (according to Forbes, at least), with an estimated personal wealth of $60 billion. Businessmen do more good by creating jobs and wealth through investment, “not by being Santa Claus”, says the no-nonsense Mexican billionaire.
