Wealthiest People in the USA for 2012|
According to Forbes on Wednesday, Bill Gates and Warren Buffett hold the top two
spots for the 12th straight year for the list of wealthiest people in the U.S.A.
in 2012. Gates, chairman of Microsoft Corporation (MSFT) is the richest American
for the 19th year in a row with a net worth of $66 billion. Warren Buffett of
Berkshire Hathaway Inc. (BRK.A) (BRK.B) took second place with a net worth of
$46 billion, a position he has held for 12 straight years. Larry Ellison, chief
executive of Oracle Corp. (ORCL) took third position, with a net worth of $41
billion. Charles Koch and David Koch, diversified sources took fourth and fifth
positions with net worth of $31 billion each. The Wal-Mart heirs took several
positions: Christy Walton & family came in sixth position with net worth of
$27.9 billion; Jim Walton came in seventh position with net worth of $26.8
billion; Alice Walton came in eighth position with net worth of $26.3 billion
and S. Robson Walton came in ninth position with net worth of $26.1 billion.
Michael Bloomberg came in tenth position with net worth of $25 billion. The
combined wealth of America’s richest rose to $1.7 trillion from $1.5 trillion in
The top ten richest women in America, according to Forbes: Christy Walton -
Wal-Mart - net worth of $27.9 billion took first spot; Alice Walton - Wal-Mart -
net worth of $26.3 billion took second spot; Jacqueline Mars - Mars - net worth
of $17 billion took third spot; Abigail Johnson - Fidelity - net worth of $11.8
billion took fourth spot; Lauren Powell Jobs - Apple, Disney - net worth of $11
billion took fifth spot; Anne Cox Chambers - Cox Enterprises - net worth of
$10.7 billion took sixty spot; Blair Parry-Okeden - Cox Enterprises - net worth
of $5.4 billion took seventh spot; Dannine Avara - Enterprise Products Partners
- net worth of $4.7 billion took eighth spot; Milane Frantz - Enterprise
Products Partners - net worth of $4.7 billion took ninth spot and Randa Williams
' Enterprise Products Partners - net worth of $4.7 billion took tenth spot.
Crude-oil futures ended at a six-week low on Wednesday, dipping below $92 a
barrel after a government report showed a larger-than-expected increase in the
nation’s supplies. On the New York Mercantile Exchange, crude oil for October
delivery (NMN:CLV2) lost $3.31 or 3.5%, to settle at $91.98 a barrel. So far
this week, the price of crude has lost more than 5%. Around 9:50 am ET
Wednesday, prices suddenly fell with the decline potentially attributed to
comments from unnamed Saudi Arabian officials reportedly concerned about recent
high oil prices as well as comments from the secretary-general of the
Organization of the Petroleum Exporting Countries (OPEC) that oil markets are
well supplied. An Energy Information Administration spokesman said the agency
had “no reason to believe” news of the sharp inventories increase for last week
had somehow been released before its 10:30 am ET. White House officials said
they were monitoring oil markets and “the president insists that all options for
dealing with (the high oil prices) remain on the table, and that includes” a
Strategic Petroleum Reserve release. The administration declined to comment on
whether U.S. and Saudi officials were coordinating or discussing action to
counter high prices, saying only it praised the Saudi’s “continued commitment to
take all necessary steps to ensure the market is well supplied.” U.S. crude
inventories rose 8.5 million barrels in the week ended September 14 per the EIA.
The EIA reported that gasoline stockpiles were down 1.4 million barrels on the
week, while distillates supplies were down 300,000 barrels. Gasoline and
heating-oil futures added to losses as well, with gasoline for October delivery
(NMN:RBV2) off 7 cents or 2.4% to settle at $2.83 per gallon. Heating oil for
delivery in the same month (NMN:HOV2) retreated 8 cents, or 2.7%, to $3.04 a
Construction on new U.S. homes rose 2.3% in August to an annual rate of 750,000,
while permits fell slightly from a multi-year high, pre the U.S. Commerce
Department.Housing starts in July were revised down to 733,000 from an original
reading of 746,000. Permits for new construction which is viewed as a gauge of
future demand, fell to an annual rate of 803,000 from July's slightly revised
level of 811,000. Permits for single-family homes, which usually account for
three-quarters of the housing market, moved slightly higher to an annual pace of
512,000 last month, striking the highest rate seen since March 2010. Housing
starts are 29% higher compared to one year ago.
The National Association of Realtors Sales reported that existing home sales
surged 7.8% during August, to the best level seen in more than a year, as low
interest rates and a slowly improving jobs market help fuel a rebound in
activity. Existing home sales rose to a seasonally adjusted annual rate of 4.82
million from July's 4.47 million for a level at the highest since May 2010 and
the strongest percentage gain since Aug. 2011. The median existing home price -
which reflects both the change in the mix of homes but also price gains on
similar property - gained 9.5% year-on-year to $187,400. Existing home
inventories rose 2.9% to 2.47 million units in August, representing 6.1 months
of supply at current sales rate but the lowest seen since January. The
percentage of distressed sales was 22% which was the lowest since the NAR began
tracking the data.
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Sept 19, 2012