Amidst the financial crisis, reports from last month reveal that the US federal deficit had been catapulted to record territory in August, hitting $1.38 trillion with just one month left in the budget year.
It remains a concerning figure – not least because of the worries it has raised regarding the willingness of foreigners to continue purchasing Treasury debt. For that is where the debt comes from: US Treasury securities – a government debt issued by the United States Department of the Treasury, which other countries and institutions then buy.
In essence then, Treasury securities (in this case, Treasury bonds) are nothing more than glorified loans – and as the US Treasury releases data pertaining to this – it is becoming increasingly hard for the American people to get a grasp on the fact this is how their country borrows money.
The net worth of the richest people in the world is the worth of the total assets that each person owns. The net worth includes the assets minus the liabilities. In general, it is the worth of all the persons assets, whether or not they are liquid. The 50 richest people in the world are:
William Gates III (Bill Gates), United States, net worth $40 billion from software. One of the founders of Microsoft, Bill Gates has been the richest person in the world for most of the years from 1995 to 2009.
Warren Buffett, United States, net worth $37 billion from investments. Investor and Berkshire Hathaway CEO, Warren Buffet has pledged much of his wealth to philanthropic pursuits.
Carlos Slim Helu & Family, Mexico, net worth $35 billion from telecommunications. Helu is one of the major influences over Mexican telecommunications. In 2007, he was briefly considered the richest person in the world.
Lawrence Ellison United States Net worth $22.5B from software. Oracle CEO Ellison began in very humble circumstances and built up Oracle form a small business in 1977 to an enormous computer corporation.
Ingvar Kamprad & Family Sweden Net worth $22B from furniture retail. The founder of IKEA, Kamprad started selling matches as a child and built up his retail business into the multinational corporation that IKEA is today.
Karl Albrecht, Germany, net worth $21.5B from supermarket retail
Mukesh Ambani, India, net worth $19.5B from petrochemicals
Lakshmi Mittal, India, net worth $19.3B from steel
Theo Albrecht, Germany, net worth $18.8B from supermarket retail ………….