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Article: Topsy-turvy year churns list of richest residents.(SPECIAL REPORT: WEALTHIEST ANGELENOS)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 18, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THOUGH their pain may not inspire much sympathy, L.A.'s richest residents suffered through their worst year on record.
The 50 Wealthiest Angelenos collectively lost more than $32 billion as the deepening recession took a toll on virtually every major industry. Los Angeles now has just 29 billionaires, the lowest total in five years.
Forty-one people on last year's list lost at least $100 million; eight lost more than $1 billion. The tumult also upended the order of the Business Journal's rankings.
Maverick investor Kirk Kerkorian, who held the top position for three years, lost more money than anyone. The majority owner of casino operator MGM ...