NEW YORK (AP) — Microsoft Corp. co-founder Bill Gates remains the nation's richest man by far, as the tech and philanthropy giant took the top spot on the Forbes 400 list for the 19th year running, with a net worth of $66 billion.
Investor Warren Buffett, the head of Berkshire Hathaway Inc., again took second with $46 billion, while Oracle Corp. co-founder Larry Ellison remains third with $41 billion and brothers Charles and David Koch, co-owners of Koch Industries Inc., tied for fourth with $31 billion.
Forbes said the rich mainly got richer in 2012, with net worth rising for 241 members of its list and shrinking for only 66. Rising stock prices, a rebound in real estate values and rare art prices helped.
More members of the Walton family, the founders of Wal-Mart Stores Inc., moved up into the Top 10, displacing investor George Soros and Las Vegas Sands Corp. founder Sheldon Adelson. New York City Mayor Michael Bloomberg, who made his fortune with the financial data services firm Bloomberg LP, is also back with the top dogs at No. 10 with an estimated net worth of $25 billion.
Social media moguls took the biggest hit. Zynga Inc.'s Mark Pincus and Groupon Inc.'s Eric Lefkofsky dropped off the list entirely. Facebook's Mark Zuckerberg was the biggest dollar loser in Forbes' latest ranking of the 400 wealthiest Americans. The company's lackluster IPO in May resulted in a huge drop in market value that cut the value of his shareholdings almost in half, costing him $8.1 billion in net worth. That dropped Zuckerberg from No. 14 on the list to No. 36.
But although Zuckerberg lost more money than most people will make in many lifetimes, his net worth still totals an estimated $9.4 billion, according to the magazine.
Twenty newcomers joined the list, which required $1.1 billion in net worth for entry, up from $1.05 billion a year ago. Among the freshly minted are Shahid Khan, owner of the NFL's Jacksonville Jaguars, at No. 179; Judy Faulkner, founder of health records firm Epic Systems, at No. 285; Andrew & Peggy Cherng, the husband and wife team behind restaurant chain Panda Express, at No. 239.
Business
Gates, Buffet still richest
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Furniture store chain celebrates 60 years
Gerard Winkle was looking for a job in 1972. At the same time, John VanDrie was looking for a salesperson for his McBain furniture store.
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Chrysler recalls Jeeps
Chrysler abruptly agreed to recall 2.7 million older model Jeeps Tuesday, reversing a defiant stance and avoiding a possible public relations nightmare over fuel tanks that can rupture and cause fires in rear-end collisions.
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Starbucks posts calorie counts
Starbucks has a new way to wake up its customers: showing the calories in its drinks.
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EU, U.S. agree to start free trade talks
The European Union and the United States will open negotiations next month on a long-sought deal to create free trade between the world’s two mightiest economic regions — an effort that could create millions of jobs but that could also take years to transform from dream to reality.
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Food companies work to make products look natural
Here’s the latest goal for food makers: Perfect the art of imperfection.
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Car show will offer tour of grave sites
Back to the Bricks has been focusing on immortalizing some of the big names of the auto industry in bronze, but this year they’re looking to take car lovers to the final resting places of some of those people.
Continued ... - Sunday, June 16, 2013
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Wineries find efficiencies
A dwindling labor pool and challenging packaging costs are prompting several northern Michigan winemakers to utilize innovative technologies in their vineyards.
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Doug Luciani: Our youth can come home now
Riding on a school bus doesn’t exactly conjure up fond memories of days gone by. But this ride was different.
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Business in Brief: 06/16/2013
Health care reform; Biz after hours; NCMC program.
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Jason Tank: Economics a dizzying display of acronyms
In one corner, the Federal Reserve is busy stacking up dollar bills on top of each other. In the other, the beleaguered American economy is putting up one mediocre data point after another.
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Business Memoranda: 06/16/2013
Traverse City-based EverywhereUGo has expanded, with board locations in the Van Andel Arena in Grand Rapids and the Great American Ball Park (home of the Cincinnati Reds) in Cincinnati, Ohio.
Continued ... - Saturday, June 15, 2013
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Ag Forum: Tent caterpillars aren't hanging around
Generally speaking, people don’t become inquisitive about a lack of caterpillars attacking their trees, so I’m not surprised that no one has asked me where the tent caterpillars are this year.
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Futures File: Corn grinds lower despite poor conditions
America’s farmers likely planted a record corn crop despite poor weather conditions earlier this spring that delayed planting across much of the Midwest, according to USDA estimates.
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Rural U.S. losing population
Rural America is losing population for the first time ever, largely because of waning interest among baby boomers in moving to far-flung locations for retirement and recreation, according to new census estimates.
Continued ... - Friday, June 14, 2013
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Horizon Books co-owner wins Lyle DeYoung award
Amy Reynolds always believed in downtown Traverse City’s retail corridor, even when the trend was for business owners to race off and set up shop at the nearest mall.
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Building Permits: 06/14/2013
Building permits issued in Grand Traverse County:
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The Record: 06/14/2013
Assumed names filed in Grand Traverse County:
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Grocers allege potato price fixing
A battle between grocers and potato growers has been silently hitting shoppers’ pocketbooks, according to a U.S. wholesaler accusing America’s spud farmers of driving up prices while spying on farmers with satellites and aircraft fly-overs to enforce strict limits on how many tubers they can grow.
Continued ... - Thursday, June 13, 2013
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National magazine recognizes TC for boating opportunities
Robert Brown sees only one drawback to being a boating enthusiast in Traverse City. Winter.
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Post to invest $30M in Battle Creek plant
Cereal maker Post Foods says it plans to invest $30 million in a West Michigan facility, creating 92 jobs.
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Wet spring means reduced corn crop estimate
Corn farmers are feeling the impact of a cool, wet spring but are still expected to bring in a record crop this year.
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AAA study: Voice-operated dashboard tech still risky
Dashboard technology that lets drivers text and email with voice commands — marketed as a safer alternative — actually is more distracting than simply talking on a cellphone, a new AAA study found.
Continued ... - Wednesday, June 12, 2013
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Rotary gives $241K in grants
A $65,000 grant awarded to Centre Ice for much-needed facilities’ upgrades is among $241,000 doled out this week by Rotary Charities of Traverse City.
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Farm Bill debate moves to contentious House
The last time Congress passed a farm bill, Democrats had control of the House and the food stamp program was about half the size it is today.
Continued ... - Tuesday, June 11, 2013
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Mancelona upgrades water lines
Mancelona is upgrading its water lines this summer in a project described as a painful but necessary step to position the community for long-term job growth.
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Obama Renews Call for Nuclear Reductions
Raw: Car Jumps Curb in NYC, Injures 8
Obama: 'Lives Have Been Saved' by NSA Programs
Obama: Friction in Afghan Talks No Surprise
Unusual Heat Wave Bakes Alaska
Raw: Massive Protests Fill Brazilian Streets
Raw: German President Welcomes President Obama
Fans Cheer Dramatic Heat Comeback
Raw: Arizona Wildfire Scorches 8 Square Miles
Hoffa Mystery Still Fascinates After 4 Decades
Raw: 1 Dead in Shooting at Mo. Apartment Complex
Raw: Huge Fire Near Yosemite National Park
3 Charged in Ohio With Enslaving Mom, Daughter
Kid Couture: Spending Big Bucks on Babies
