Jamaican-Canadian billionaire Michael
Lee-Chin has suffered another slide in ranking in Forbes Magazine's list of the
world's richest people.
The list for 2009, which was published on Wednesday, showed Mr. Lee-CHin barely made it to the group of billionaires.
Mr. Lee-Chin, who was last year ranked 667 out of the world's more than 1,000 billionaires, came in this year at 701 with a worth of approximately US$1 billion.
Last year, he was said to be worth US$1.8 billion.
Less than 800 persons made to this year's Forbes list.
According to Forbes Magazine, Mr. Lee-Chin who is the chairman of AIC Mutual Funds based in Canada, has seen assets under management plunge by 42% since investors started cashing out due to the financial downturn.
Mr. Lee-Chin, 58, also owns majority stakes in National Commercial Bank Jamaica, Total Finance in Trinidad & Tobago as well as Columbus Communications, a cable company based in Barbados.
His personal real estate portfolio includes 250 acres of beach front property in Ocho Rios, St. Ann and homes in Canada and Florida.
Other billionaires' wealth drop
And the financial crisis is taking its toll on many others among the world's richest people, wiping 332 names off Forbes Magazine's list of world billionaires.
Just 793 people can now lay claim to a place on the list, but on average they have lost 23% of their wealth.
The stock market collapse helped Microsoft founder Bill Gates, regain the top spot, despite his wealth declining US$18 billion to US$40 billion.
He ousted investor Warren Buffet, whose fortune declined from US$62 billion to US$37 billion.
In 2008, Mr. Buffet had managed to end Bill Gates' 13-year reign at the top as shares in his firm Berkshire Hathaway surged to a record high just before Forbes formulated its 2008 ultra-rich list.
Indian businessman Anil Ambani experienced the biggest reversal of fortunes, slipping to number 34 on the list from number six last year, as his net worth sank by US$31.9 billion to US$10 billion over the past 12 months.
The declining health of the world economy meant that to make the top 20 on the Forbes list this year a net worth of just US$14 billion was needed - compared with US$21 billion in 2008.
The list for 2009, which was published on Wednesday, showed Mr. Lee-CHin barely made it to the group of billionaires.
Mr. Lee-Chin, who was last year ranked 667 out of the world's more than 1,000 billionaires, came in this year at 701 with a worth of approximately US$1 billion.
Last year, he was said to be worth US$1.8 billion.
Less than 800 persons made to this year's Forbes list.
According to Forbes Magazine, Mr. Lee-Chin who is the chairman of AIC Mutual Funds based in Canada, has seen assets under management plunge by 42% since investors started cashing out due to the financial downturn.
Mr. Lee-Chin, 58, also owns majority stakes in National Commercial Bank Jamaica, Total Finance in Trinidad & Tobago as well as Columbus Communications, a cable company based in Barbados.
His personal real estate portfolio includes 250 acres of beach front property in Ocho Rios, St. Ann and homes in Canada and Florida.
Other billionaires' wealth drop
And the financial crisis is taking its toll on many others among the world's richest people, wiping 332 names off Forbes Magazine's list of world billionaires.
Just 793 people can now lay claim to a place on the list, but on average they have lost 23% of their wealth.
The stock market collapse helped Microsoft founder Bill Gates, regain the top spot, despite his wealth declining US$18 billion to US$40 billion.
He ousted investor Warren Buffet, whose fortune declined from US$62 billion to US$37 billion.
In 2008, Mr. Buffet had managed to end Bill Gates' 13-year reign at the top as shares in his firm Berkshire Hathaway surged to a record high just before Forbes formulated its 2008 ultra-rich list.
Indian businessman Anil Ambani experienced the biggest reversal of fortunes, slipping to number 34 on the list from number six last year, as his net worth sank by US$31.9 billion to US$10 billion over the past 12 months.
The declining health of the world economy meant that to make the top 20 on the Forbes list this year a net worth of just US$14 billion was needed - compared with US$21 billion in 2008.
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