Bill Gates loses $7bn, but still richest in USA

The overall net worth of the Forbes's list of the 400 richest Americans fell by $300bn in the past year, with Microsoft stalwarts Bill Gates, Paul Allen and Steve Ballmer among the biggest losers.

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Bill Gates lost the most, with his net worth dropping $7bn. However, Bill Gates is still at the top of the list for the 16th consecutive year with $50bn.

Paul Allen, at 17th position, lost $4.5bn and Steve Ballmer, at number 14, gave up $1.7bn.

It was revealed this week that Ballmer had taken a 5.5% pay cut in the past year. Steve Ballmer's bonus was slashed by $100,000, taking his annual income down to $1,276,627.

Other losers in the technology sector include Michael Dell, down $2.8bn at number 13, and SAS's James Goodnight, down $1.9bn at number 33.

Apple's Steve Jobs lost only $600m and his $5.1bn net worth shot him up the Forbes list 18 places to number 43.