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Daily Insurance Industry News
Friday 27th of April 2018
March 7, 2008

77 year old Buffett outpaces Gates to become world’s richest man

by David Masters

Story link: 77 year old Buffett outpaces Gates to become world’s richest man

Warren Buffett, CEO of Berkshire Hathaway, has overtaken Bill Gates as the world’s richest man.

According to the Forbes magazine annual list of worldwide billionaires, 77 year old Buffet’s wealth increased by $10 billion over the last year. Most of this gain was a result from the rising price of Berkshire Hathaway’s shares.

This is in contrast to Bill Gates, whose fortune increased by only $2 billion in the last 12 months.

As of 31st December 2007, Buffett held 32% of Berkshire Hathaway’s Class A shares and 18% of the company’s Class B shares. Bloomberg values Berkshire Hathaway at $215 billion, making it the tenth most valuable company in the world.

Buffett was just 13 when he filed his first tax return. He claimed a deduction of $35 for the bicycle that he used to deliver newspapers.

 

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