While Microsoft Corp co-founder and chairman Bill Gates remains the richest man in the world, many Bermuda residents and people with strong links to Bermuda have been named in the latest Forbes 400 US rich list.

Mr. Gates, is still a multi-billionaire but worth less than he was a year ago, while super investor Warren Buffett moved into second place, followed by the other Microsoft co-founder, Paul Allen. Oracle chief executive Larry Ellison dropped from second to fourth.

Down in 36th place comes Edward Johnson, who has a home in Bermuda and is a contributor to the Bermuda Underwater Exploration Institute, who is worth $4.6 billion.

Businessman and Republican Michael Bloomberg is in at number 42. He has a house in Tuckers Town and is said to be worth $4 billion on the list.

Meanwhile Maurice Greenberg, who runs AIG, is in joint 47th place with Tuckers Town resident Ross Perot. Both are listed as being worth $3.9 billion.

Ronald Lauder, in 60th place with $3 billion, owns Bermuda-registered companies.

The slowing economy was reflected in the declining worth in the rankings, which were released by Forbes on its Web site Thursday night. The magazine is scheduled to be on US newsstands today.

The rest of the top ten, except for Microsoft chief executive Steve Ballmer, was family as it was made up of relatives of deceased Wal-Mart Stores Inc founder Sam Walton.

The combined net worth of all 400 fell from $1.2 trillion in 2000 to $946 billion this year, only the third time that has happened since Forbes began compiling the list in 1982.

Fifty-four "new economy" entrepreneurs were pushed off as the high-tech sector continued to slide. They were replaced by people in more traditional sectors, including retailing and manufacturing.

Thirteen people who made the list last year because of fibre optics are nowhere to be found. Three people died and were not included.

The list's average financial heavyweight is worth $2.4 billion, down $600 million from last year.

This year's line up includes 236 billionaires, down from 274 last year. Just to make it into the top 400 took a minimum net worth of $600 million, down $125 million from last year.

Considering the terrorist attacks September 11, the magazine recalculated the financial effect on 50 of the list's more recognisable names.

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