The world’s richest people lost an average of 23 per cent of their wealth over the past 12 months, while their total wealth dropped by $2 trillion to $2.4 trillion, a fall of almost a half, according to the Forbes list of the world’s billionaires.

Some 355 billionaires have fallen off the list, with emerging market tycoons among the biggest casualties from the financial turmoil, Forbes said. Its findings chime with the claim that up to 45 per cent of the world's wealth has been destroyed by the credit crisis, according to a recent statement made by the chief executive of US private equity firm Blackstone, Stephen Schwartzman.

The average billionaire is now worth $3 billion compared with $3.9 billion a year earlier, the publication said in its high-profile annual survey of the world's ultra high net worth individuals.

Forbes’ data shows that after slipping to third place in the rankings last year, US software tycoon Bill Gates has returned to top spot, while investment guru Warren Buffett has slipped to second place. After losing ground to the stars of the once-booming BRIC economies, the US has also regained its supremacy as the land of the super-rich. Meanwhile, the third-richest man, Carlos Slim Helu, is a Mexican telecoms entrepreneur.

The figures suggest that countries such as India, which boasted a 22.7 per cent rise in the number of high net worth citizens in 2007, according to Merrill Lynch and Capgemini in its annual survey last year, have lost considerable momentum. Only two out of the top 10 billionaires are not from the West. In India, tycoons such as Anil Ambani, who has been involved for many years with India’s Reliance conglomerate of firms, saw his personal fortune crumble by a staggering sum of almost $32 billion, equivalent to a drop of 76 per cent. Fellow Indian tycoon Lakshmi Mittal also suffered a heavy fall in his wealth. 

In 2008, there were 1,125 billionaires and that number has contracted to 793, a fall of almost 30 per cent. Of those who made Forbes’ rankings, 87 per cent have seen their wealth decline.

The decline in wealth comes against a backdrop of a sharp fall in many stock markets. The Morgan Stanley Capital International World Index of developed countries’ equities has slumped by almost 41 per cent; between the start of this year and 10 March, it has fallen by a further 21 per cent.

The rankings also show – perhaps ironically considering that the credit crunch originated in the US – that the world’s largest economy has regained its position as the place boasting the largest individual share of the world’s rich. US citizens account for 44 per cent of the money and 45 per cent of the list's slots, up seven and three percentage points from last year, respectively, Forbes said.

In sectoral terms, none of the top 10 spots are filled by people running internet businesses but several constituents were businessmen in sectors such as mass market retail.

And the US now has the richest man, Bill Gates, although his personal fortune dropped by $18 billion from a year before, standing at $40 billion, but his friend and fellow billionaire, Warren Buffett, fared worse, seeing shares in his company, Berkshire Hathaway, slump by almost 50 per cent, leaving him worth $37 billion.

To put the events of the last 12 months another way, only 44 individuals got richer in the rankings last year and 656 members of the list lost money.

The sectors in which money was made also demonstrates how economic conditions have become tougher: catering to the budget-conscious consumer was one successful way of making money in the last 12 months. Nine of the top 20 on the list made their money in discount retailing, and budget retailer Uniqlo's Tadashi Yanai is one of the few newcomers to the list. Another member of the top 10 list is the creator of Swedish furniture firm Ikea.

To get into the top 20 this year, a person needed to be worth at least $14 billion, which is $7 less than a year before. Michael Bloomberg, founder of the eponymous US news and information firm – and now Mayor of New York – was the only man in the top 20 to make a gain, as his net worth rose by $4.5 billion.

The position for European wealthy has been tough. The region has 196 of the elite club of billionaires, together worth a total of $665 billion, which is 102 less than a year ago. The UK, meanwhile, has 25 billionaires on this year's list, a drop of 10 from last year. Gerald Grosvenor and family are the wealthiest Britons, with a net worth of 11 billion. They are 29th on the list.

Moscow, which last year had overtaken New York as the billionaire capital of the world, with 74 tycoons to New York’s 71, has slipped back dramatically, with 27 tycoons compared with 55 in New York. Some 28 billionaires, meanwhile, live in London.

The top 10:

Bill Gates

1

$40.0 billion.

US

Microsoft

Warren Buffett

2

$37.0 billion

US

Berkshire Hathaway

Carlos Slim Helu & family

3

$35.0 billion

Mexico

Telecom

Lawrence Ellison

4

 $22.5 billion

US

Oracle

Ingvar Kamprad & family

5

$22.0 billion

Sweden

Ikea

Karl Albrecht

6

$21.5 billion

Germany

Aldi

Mukesh Ambani

 7

$19.5 billion

India

Petrochemicals

Lakshmi Mittal

8

$19.3 billion

India

Steel

Theo Albrecht

9

$18.8 billion

Germany

Aldi, Trader Joe's

Amancio Ortega

10

$18.3 billion

Spain

Zara