Oh what a pity, just about all of America’s filthy rich citizens are poorer this year than they were at this point in ’08. The collective net worth of the country’s wealthiest has declined by $300 billion in the past 12 months, dropping from $1.57 trillion to $1.27 trillion, according to The 400 Richest Americans by Forbes.

A little over 75 percent of the 400 richest Americans had their fortunes reduced as a result of failing capital markets and falling real estate prices; divorce and fraud also contributed to the decline in wealth. Thirty-two tycoons lost their rankings on Forbes’ list.

America’s second wealthiest person, Warren Buffett, was hit the hardest. He is now ONLY worth $40 billion after losing $10 billion from his personal finances as shares of Berkshire Hathaway fell 20 percent in the 12-month period.

Microsoft’s co-founder Bill Gates was hardly effected. For the 16^th straight year he was named America’s richest person.