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Economy

Whats the plan Zambia?

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By Mingeli Palata
The rate at which the dollar is moving is worrisome. The markets are in frenzy and the mealie meal prices are not in their best behavior. One wonders whether it’s really the after effects of the global financial crisis or there is some element of irresponsibility on the part of the movers.

Enock Kavindele a man whose Zambia/Angola rail line idea has suffered at the hands of the negative forces of politics finally spoke out about a few days ago. I am not his biggest fan but what he talked about made me start to think there is an element of greed and irresponsibility on the part of the market players and the government itself that has resulted in Zambia’s latest misfortune.

The Food Reserve Agency is busy trying to buy Maize in South Africa, this is not only embarrassing and is uncalled for since FRA say they have these strategic reserves.The funny thing is that we really don’t know how much maize stocks we have in this country. What happened to the bumper harvest we had the previous year and years before? Was that all political posturing? Isn’t it ironic how the truth always catches up with people?

Let’s make an assumption and say that the FRA really recorded a bumper harvest, what happened to the maize then? Was it sold? To whom? The millers? How come maize prices went down during the campaigns?

Look I am just shooting in the dark here but the point is how much more about maize stocks or indeed government operations do we know about? You perhaps would equally ask this question for all but a reason, like Chibamba Kanyama stated earlier this week, this government is not inspiring enough. Its operations and very composition give little hope for the Zambian economy. I am yet to be impressed.

For instance, Kavindele questioned why the government can’t fund key strategic commercial farmers around the provinces who will be responsible for maize reserves. I think it’s a very good suggestion, why don’t we do just that. The government is directly responsible for feeding its citizens, no excuse, and right now they are failing in their duty. Zambia has no maize reserves as implied by plans of importing maize from South Africa, now just imagine if we were under siege, would we survive? I am yet to see GRZ being serious about this issue. It’s such a shame.

Today the kwacha is almost trading at K5, 000.00 to a US dollar; this was not the case in the good and long gone Mwanawasa days. Of course the price of copper has decreased due to less demand and there have been a few greedy people on the market who have bought huge quantities of dollar creating unnecessary demand and landing us all in this quandary, but what has this government done to regulate the exchange rate to our advantage or to stabiles market sentiments? The truth is Magande’s fate and this very government has sent dome jitters on the market and there has not been much put in place by the Reserve Bank to rectify the situation.

Will we ever learn, all we think about is copper and look what it has landed us into now! What’s the plan Zambia? Where are we going? The state of our copper, Maize and kwacha is enough to worry each and every meaningful Zambian.

editor
editorhttp://www.lusakatimes.com

158 COMMENTS

  11. The author has said one correct thing throughout the article: He is shooting in the dark. Thats the problem. His analysis of the situation has so many holes, and personally, i am not impressed. And for his own information, some of us dont entertain comments and suggestions from the likes of Kavindale because he has failed to manage his own business affairs and therefore he is not in a position to start lecturing us on Zambias economic affairs. Let competent people do so. Boring article. Realy boring.

  12. I did not vote for them either – the problem is Zambia had $4 to 5 million of hedge funds in the country hence the orginal appreciation was not due to development despit MMD’s protestations. Now that the foreign speculators are in trouble they are withdrawning their $ the ZmK is tumbling and there is nought that MMD can do about it. It will probable hit 5,500 when the last of the funds are withdrawn.

    Poor of the nation. BRACE YOURSELVES!

  13. In all honesty Mingeli Palata, I actually see the price of copper rising in the near future. Maybe by sometime next year.

    The reason I say this is, OECD govts are planning these so called “economic stimulus packages” which are supposed to stimulate their economies. The key part of these packages is investment in infrastructure. Copper is an ingredient in infrastructure development.

    China and USA have announced that they plan to invest heavily in infrastructure so as to stimulate their economies. Maybe Copper wont be as high as it was but it will most definitely bounce up.

    Just my opinion.

  15. I have since refused to give handouts to my relatives at the village who are constantly begging for assistance. I keep reminding them of October 30th. If they had made WISE decisions, these stories would not have been. I miss LPM, MISRIP.

  19. COUNTRY FOR SALE
    Main features:
    Neglected by three previous owners.
    Abandunt resources which are underutilised.
    6-10 million hungrey people eating berries for breakfast,lunch and dinner.
    All bids should be recieved by 24.10.09.All successful bidders will recieve a free crate of our very own prestigiuos Mosi beer.

    Starting bid is €4.00..happy bidding..
    [-(

  20. why are we still complaining? we are aware of all these problems and what we need now are solutions. We have already found one solution (chi demo),and lets continue hunting for more solutions instead of fording our arms and crying all the time.

  21. 1 and 3
    Anonymous and Sony Ericsson Phiri with you nambara 1 tamumfwa you two.
    Well coming to the subject at hand Zambia’s way forward is to disband all political parties and impose a ban of 10 years on all those who have in any way held political office not to participate in politics of this nation. With that what you will see is sanity coming to this once noble trade called politics. By then most of the many so called politicians after 10 yeras will have died as they can not live outside politics and its favours.

  23. Plan for Zambia! hmmmmm! i think is to get more and more loans, grants,donations and make sure Bwezani remains in power for the next 15 or so…. years. My foot!!!

  24. Oh and Kiezer do not forget to post on Ebay – this forum will have limited buyers (most of them have used the product anyway)

  25. firstly, is this mingeli palata the blogger? secondly, we can ask for a donation of hope and change from Barry O on 21st january.that will jump start our economy

  26. If you keep the same leaders what change can come out of them.Zambia is a playground for all shrewd,craft,greedy businessmen.
    The country has no plan except these political tantrums from disgruntled politicians.
    Akulu Mpuno wukani manje [-([-([-([-([-(

  27. viva Rupiah Banda,viva MMD.ati viva rupiah Banda, Viva MMD. But JK chipuba sana, kuti ayimba shani akalwimbo kaifi, obviously he is regreting or maybe balimulishamo ishingi mpiya. :d/:)>-=d>[-x#:-s8-};))

  29. These guys have no plan at all. All these story of bamper harvest have always been lies. Truelly, were has the maize suddenly gone to now for us to get to an extent of even wanting to import from SA. fINE, WE DID A BIT OF EXPORT TO ZIM LATELY but ofcourse where were so called planners not to anticipate the maize shortage which will only last in the next 2 months?

  32. Bumper harvest was there. We just sold it to Zimbabwe.

    If we didn’t sell, we would have had enough maize to last us until the next harvest season.

    Should have, would have, could have are the last words of a f00l.

    Let us concentrate on importing maize from South Africa.

  34. Thats what i have been telling these girls. ati Rashid safuna chibeleshi. Naiwe wine Rashid, pantu taumfwa. Waona mange? Mrs Rashid ka?

  36. #32 LT will just chase away bloogers. this moderation thing is equally getting on my nerves…Go ahead, moderate me. Ndefileka.

  37. ” March 17, 2008

    ZIMBABWE is yet to receive 114 000 tonnes of maize it ordered from Zambia despite paying US$28 million in December. This forced government to pay another US$18 million to South Africa for the importation of a consignment of maize estimated to be between 100 000 and 130 000 tonnes for the Grain Marketing Board (GMB) to boost the country’s low maize stocks.
    Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono told President Robert Mugabe at a function last Saturday that the country would not have imported maize from South Africa had Zambia delivered the consignment on time”[Source: Lusaka Times]

  40. cont from #37]

    That is where our maize is. You exported 114,000 tonnes of maize to Zimbabwe all for the dollar. The dollar is sweet eh :d/

    Now because of the sweet dollar, we have to import maize. That 114,000 tonnes was enough to last us until the next harvest season.

    I hope we learn from this. The reason we dont forget history is so that we should learn from it. :-b

  41. Ba Moze, I think ngati nigero then anifera but very unfortunate im already taken by the most beautiful girl on earth by the name of Jessie. Too late mama, Rashid is already taken try Ba moze or Free Market Capitalist. @};-

  43. I hear Zambeef products will soon open a pork processing plant in Nigeria before the end of this month. Bloggers is it true or false????
    ;;)

  45. ….and that we wish to announce the marrige of Rashidi jones to mrs Rashidi on a yet to be announced date but on LT web site….. :)):))=))=)):))=))

  53. Ba 49 Sweet fimo fimo.. the news we discuss here is obtained here please. Dont expose yowa ignorance. Are you new here? This Zambeef thing is stale news for us bloggers, yaba.

  54. Is there a more interesting story to debate. The Rashid marriage had me for a moment as did Zambeef. No news pa Zed?? :-\”

  57. She is too late but Ba Moze can do something, Baby C, dont worry i will invite you on my wedding with my world Jessie not thins thing which is unknown called Mrs Rashi jones. Baby c, hope you have a guy also or maybe you are still sleeping kawilo. @};-

  58. Baby C.
    mufana iwe, Sometimes you really make me laugh. I enjoy reading what you write. If was possible we could go on a girlie night out but the problem you only drink fanta. Enjoy your blogging.

  59. what do u expect with Bwezani as president?The man has no vision for Zed.he has achieved what he wanted and he can now afford to sleep and defile his young wife 4 the whole week.does he care?fellow Zedians lets braced ourselves for hard times ahead.for how long are we going to depend on copper?Zedians should now realise that copper is curse to Zambia.lets divert our attention to tourism and agriculture.FRA needs to be overhauled,Costain Chilala has to resign on moral grounds.he has lamentably failed the nation,more over having him as chairman of FRA was a serious oversight ,there is pure conflict of interest at play here.You cant appoint a farmer/miller to chair FRA.

  60. Iwe #57 Sarah Jones [-x
    Iyo Khani yamene wayamba no. Its illegal in this country. Baby C, you have to watch out. Seems like we have a loose lesbian among us.

  62. I personally think Mingeli Palata’s articles lack depth in analysing real issues. The country is in state because of the global finanicial crisis (resulting in low commodity prices & increasing food prices) AND A GOVERNMENT THAT IS DOING NOTHING ABOUT IT! Does anyone remember Magande saying global financial crisis would not affect Zambia? That is the calibre of our government! Still organising Party Fund Raising Dinners when the leaders the world over are having sleepless nights! Shame on RB and his team & all these politicians in zed?

  63. # 57 has really put me off blooging now. Ladies and Gents, have a lovely evening (except you, iwe sarah fimo fimo). I’ll bloog you all tomoro, yes? God bless. :-h

  64. # 57 Sarah jones

    Ahhhh! who told you???? i dont ever remember mentioning that on this blog. But you are somehow right! who told???

  66. Ba Moze.
    how ignorant are you. Here in the UK gals go out on girlie nights out. My dear am married to a man. Get a life.

  67. Baby C
    I don’t forget what people say about themselves. I think you did say you drink Fanta. Is it bad for gals to be good to each other as what Ba Moze said. Am really shaking for someone to call me that.

  68. Baby C, waona manje wabapisha bena Racheal namunzake Barbie, but anyway they deserve it.they were looking for trouble and they found it. Everyone please take care and dont forget to tell Lundan to stop sleeping. Tomorrow is another day,GOD bless you all.

  69. We’ve enough resources in our mother Zambia, if we had people that think of others especially those in government decision making positions Zambia would have been a better place to live in. If we are not carefull we are headed for destruction and the future for our fellow upcoming brothers and sisters will be very difficult.

  70. what do you except of Bwezani’ govt,,even when WB and IMF asked him to maintain pipo like Magande he laid them off,,lets wait and see…..dollar likely to shoot up,,,coupled with the global financial melt down,,we are yet to see,,,Mwanawasa they say you dont know what you have got till its gone,,indeed i can feel the loss,we dont have a presido.I dont know wat Bwezani is doing

  72. Sarah Jones

    Not at all.

    dont mind him dear. Am sure its one of his jokes. I will ask him to apologise to you ok?? Now brighten that face and … give me a smile girlfriend… thats better!!!

  73. Sony eric

    He is so busy with work such that he rarely have time to blog, but he will soon be back… I know how much you are missing him.

  75. Thanks for the info Baby c, forgive my ignorance! I’m new here! I stumbled upon LT accidentally, but i love the comments! us girls must stick together! LOL :d/

  79. Chiluba ruled you for ten(10) solid years without a National Development Plan. What are you talking about? Plan, not natolafye ubufumu? And the only plan he had was to rule Zambia for 50 years. Thank God Christon Tembo told him firmly – NO WAYS, you must GO!

  81. WHATS THE PLAN?Zambia is for Zambians therefore, lets stop expecting anything from the government, this will help reduce recurring disappointment.:”> lets just work together to find solutions. This food crisis issue is really the first thing to tackle because the govt forget them lets discuss real issues.about 75% of water in Zambia is Renewable and only 1.5% is used…YES NOT EVEN 10%. That’s Y we always wait until rainy season to farm and now food security is a global issue. Imagine if there could be access to even just 10%???nway i’m currently working on a project in partnership with an organisation but after the full propasal is done I will be raising $$$ for this, coz if u wait for GRZ

  82. #80 cont’d, by the way this is a non-profit venture so not looking for project managers unless u just want to give some free input. But If we don’t wake up now! we’ll be crying later so please i don’t want to see my beloved Zambia go in that direction 🙁

  83. 😕 RBB is making plans?????, am happy that it is not PF otherwise sembe sitikumwa madzi.

    Pipo like Maestro where going to turn us into laughing storks. Mulungu awona

  84. Is the FRA open to the public? The author of this article should have gone there for information before complaining to us. Why not interview the FRA. I am sure they know the facts. Then come and inform us. Media is about education, information etc. Give us better journalism please, that’s your profession. Give it the best, do not put your profession in bad stand ore disrepute. Spend time investigating and analysing issues.

    Good night.

  85. #:-s those of us with plans to change our cars must forget for now until Bwezani wakes up. He failed to Run a small Company Robert Hudson what of a country with over 10 million pipo? Let us pray for a miracle otherwise we are set for dooms day.

  86. I find this an intrsting article lots of ralitis in it.On the part of kavindele lets he has mentiond good points and people should not say bcause it comes from Kavindele therefore its not good thats not a good attitude remembr Jesus “can anything good com from Nazareth”people said.
    Aftr Mwanawasa things hav been crumbling this is RB economics we are expriencing with Kapwepwe. Its sad i dont know where this country is heading to. /:)

  88. I read post of pipo saying we should forget the politicians and just build the country ourselves just as much as i love my country, i thought i vote politicians in to office to take care of my agenda? so if im to do it myself where do i start from and what will be the strategy.the politicians we vote for form the govt so does it mean we stop voting pliz guide on this.

  89. Its is interesting reading and I agree with that even when Zambians were voting, the villagers voted with their stomach full. How long will the MMD keep their stomachs full? The bags of mealie meal and sugar they received is long gone and they are now waiting for 2011 if most of them dont die hungry.

    Fyakulifwayila!!!!!! as u can see bemba is not as good…….Magande did a good job ….and you will remember him when the USD hits 10pin

  90. #87 I am not saying the government does not have a duty they do,but what has our complaining achieved? So instead of watching people ruin our country lets try to find solutions and work together as citizens of Zambia.Of course you can’t do it on your own as an individual but you can come up with practical workable ideas As i said but can’t give a lot of details I am working on a project with the help of some folks who have done better research and have better statistics than I myself and once its complete I will make it public but thinking of solutions is the best way to move forward

  92. Interesting! This president and his people know well that people dont like them. Only villages maybe and so one would have expected them to work hard just to improve the image. But what we are getting is jokes. They dont seem to know what is happeing. Everything is just falling apart in such a short time!!

    People, work up. Crooks are going to rip this country knowing that no one seems to be concerned or understand what is happening.

  94. I get yo clarification.we need to learn to demand for accountability. i was suprised when i visited a town mayor in one of the nordic countries to find children under the age of 15 questionin him of how much has been achieve from their annual plan in regard to child welfare in that town. it was all documented and these kids made a followup from the previous meeting.i was impressed as this doesnt happen in Zed.the kids demanded to be updated on playparks they chose as projects for that year,How i wish zedians could learn to demand whats rightfully theirs.my problem is how much education do we need??

  96. What deccissions do you expect from a cabinet meeting comprised of Tetamashimba(imbwa), ka mulongoti(pushi), Mpombo (impombo)chaired by dozing nyama soya or red lips George.

  97. palata,
    am always impressed by your composition but with regard to national matters and analysis you can do more. what do you mean by “a few greedy people on the market who have bought huge quantities of dollar creating unnecessary demand and landing us all in this quandary” read more on financial markets and how they operate.

    and what do you mean by “The Food Reserve Agency is busy trying to buy Maize in South Africa, this is not only embarrassing and is uncalled for since FRA say they have these strategic reserves” read more on simple inventory management.

    and? “The state of our copper, Maize and kwacha is enough to worry each and every meaningful Zambian”

  98. There is an interesting article over at the Huffington Post and it is on the Obama economic transition teams assessment of the global economic crisis.What l found interesting is that they believe the bottom has come off the world economy and they are already resigned to seeing riots and instability arising in countries becoz of this crisis.They are already discussing which countries must be left to fail and which to write off.Already Pakistan is bankrupt.So zambia alone coming up with a plan will not do -it will reqiure a new world order- a global solution.

  99. conti:
    with regard to the copper prices the govt can’t help the credit crunch
    if the dollar is appreciating against the kwacha then the marklet forces are to blame. you are simply importing more.. or the exports are less.. and more…
    and the maize? who can manage the rain pattern? restocking the grains is a good plan to avoid iminent running out. find out the unemployement figures or find out why FRA is importing? otherwise tell us about the interest rates and inflation so we can discuss a favourable investment climiate if you want a strong kwacha.

  101. Zambia no plan this is a jungle the difference is they putting on imported suits and driving imports,the only thing made locally are babies.

  102. Zambeef pokes Nigerian market
    By Business Reporter

    ZAMBEEF Products will open a pork processing plant in Nigeria before the end of this month to service all its outlets in West Africa.
    Zambeef public relations manager, Justo Kopulande said in a statement yesterday that the plant, to cost US$500,000, would be processing a range of pork products including bacon, ham, sausages, viennas and polonies.
    Is this a joke or truth why not create these jobs in Zambia? 😕

  105. Though the article might have some truth to it I desagree on the point of magande and mwanawasa. Fact is this is a world wide crisis that even the developed countries have not come up with solutions at present even the UK pre budge has not had the desired effects Germany don’t seem to agree with mr browns strategy. The only thing I can say is at present the government has not inspired confidence but to be honest also ask your self how long these guys have been incharge after elections

  106. every body loves the dollar. one has to look at the performance of the kwacha against not only the dollar but the euro, rand and it is obvious that the dollar is the only currency on the rise. the other currencies are also reeling from the effects of a strong dollar. as for the plan there never has been a plan in zambia.

  110. Where is the plan? Well minister Mulongoti is looking for more foreign investors. However, the government also created a Food Task Force. I think we should approach them. Here is my plan:

    Agriculture. Less than 20% of arable land in Zambia is in use. Only 3% of arable land is under permanent irrigation. 70% of the population live on less than $1,- per day. We need 2 things:

    1) Works Projects for Infrastructure
    2) A class of commercial organic farmers with 100 ha of land at their disposal and infrastructure

    What better way to get out of the food crisis, than to produce more food?

  111. What we need is a government that is no longer afraid of actual planning, and realizes that market forces will not provide. As the US government does. Except that we don’t have an automobile industry to fall back on – in Zambia’s case, it is agriculture.

    We need to harness Zambia’s water resources to create a sustainable agricultural sector which will secure the food supply and generate income and wealth for a large section of the workforce. We can use works projects to dig ponds and swales, build dams, and build rural roads.

    So there are plenty of options – it is to the government to take them up quickly before the situation becomes disastrous.

    😕

  112. Its not about being greed but its about expectations ,even my parents back home are holding dollars than Kwachas coz the kwacha is expected to fall further due to slowing production in China and other emmerging economies.
    The short run solution is to use some of the BOZ reserves to stacbilise the markets

  115. 111. Luapula Fish,

    Your parents should buy gold. It is much safer than dollars. And have a year’s supply of food.

    Go to youtube and paste in:

    Peter Schiff on 2008.10.23 about the dollar and gold

  117. It’s the duty of very responsible Govt to ensure there is food sucurity in the country to feed it’s people .Very govt is mandated to we don’t need to beg. I speak as a Pst and a concern citizen because History demands and future requires competent and effective leader to resume positions of influence. Zambia is a nation under
    God and leader shall be brought into judgement. May God bless Zambia. Amen.

  119. I never voted for them either and will never. If I made a mistake in 2006 and this year, then I dont want to be right! VIVA PF, VIVA DEMO, VIVA PABWATO

  120. That story is a just a tip of the iceburg,while we sit here and blogg the country is being looted,from Nyama soya all the way down into “corporate zambia”if such a thing does exist,the country is run like a chiefdom,winner takes all,Nyama soya is in his last days,can you honestly tell me he can tell you what he is planning to do in the next 15years:-j,and people with no vision say we have a leader,while the rest of the world is bracing themselves,Shikulu is busy behaving like he just won loto!!young wife big money..Shocking…=))

  121. I am sorry to say that I equally feel the same way that, this government is not inspiring enough. Its operations and very composition give little hope for the Zambian economy. I am yet to be impressed.**==

  122. The economic big wigs are concerned about thier economies and are doing everything they can to bring thier econmies back to life. What are we doing as Zambia one of the richest countries in terms of natural resources. We can thrive in the primary industry involving the extraction of raw materials. Not just copper, but farming, i agree with the idea of empowering farmers all round to produce maize, not just maize but all sorts of food crops can be grown in this country. WE should also have Food Reserve Agencies for other foods, other than maize and then the excess can supply counties like South Africa who will now be in the secondary industry i.e food processing.

  123. Lets take an example of Botswana which was earning up to 70% of its export earning from beef exports to the European union. Cattle rearing is the largest industry in Botswana with over 60,000 farming operations in the hands of 25% of the indigenous population.The state provides vital support to ranchers,improving producer services and negotiating favourable access to European markets for its frozen beef products.The role cattle plays in the economy is as a result of deliberate government programmes to create wealth at macro economic level and to empower people at the same time. Surely if we cant come up with our own ideas we can copy some and prosper like China.

  125. really good article! its good people are woking up! it makes no sense in us buying maize, when just a few months ago we were talking about a bumper harvest!

  127. Girl Child..even if they did recieve a stimulus package…as they did the debt right off. They would still quander it off into their personal pockets… :-\”

  128. Dont blame spectulators…they saw the caliber of leadership and took prudent measures to shelter themselves…and while you :-w^:)^:d/<:-p:)]:x:-\"%-(l-):)>-8-}chaps were planning ahead>:p

  130. 125 so if we dont buy maize…. and we just [-(:-w when all the maize runs out what will we do?
    The problem is that the minute LPM died all structures that should have been working we to |-)…..

  133. Free-Market-Capitlst #12 very true. And they are seeing how vunerable you are and buying (Mortgage Venture capitalist)in economies such as Zed after speaking to the compartiots to buy the $ resevers that that Zed had (aka the fall in the KW). This will enable them to either buy assest cheaply with the depressed KW or Since the interest rates in the short term will rise they will invest in the govt securities that they will hold. Govt will in the short term struggle to pay the committments on these and in turn. they will have the bargining power to dictate consessions on the copper. As you have said when the maket rebounds and the price of copper rises they will have negociated with govt

  135. what i can say about FRA.is that maize was sold actualy exported beacause they had bags printed in the name of EU or UN and we never heard of maize donated. 😕

  136. IT’S A GLOBAL FINANCIAL CRISIS PEOPLE!!! The pound is almost trading at 1:1 with the Euro. However all economists should come together and find a solution to these problems.

  137. Why is this a surprise? Did anyone seriously think that the whole world would catch a Global Financial cold and Zambia would escape catching it?

    Come on’….what planet are we on?

  141. History repeat itself its a global thing controlled natural events.Remember the great depression of 1929-1945 it squezzed the whole world to an extent were some countries become so frastrated that the way out was to start the second world war.So RB is just the victim of the circumstance in this natural phenominon were non can clearly explain where the money goes or how uncontrolled capitalism can end,as Karl MARKS had put it.ZAMBIAN hold firm the worst may be on the way.

  142. Check out how much the worlds richest guys have lost in the financial crisis according to the huffington post.No1 LOSS: $800 million

    Well, Jerry Yang lost his job, even though that was ultimately his decision. But in terms of financial losses, he only forfeited his $1-a-year salary.

    Nonetheless, before he pulled the plug on his own employment, Yahoo’s share price had dropped roughly 15 points since January, knocking the value of Yang’s stake down by nearly $800 million.

    (Use “Next >” button above right to go to the next Biggest Loser)

  143. LOSS: $1.4 billion

    The Dell founder and CEO lost a chunk of his net worth in the market this fall. He originally landed at number 11 on Forbes’ list of the 400 richest Americans, with a net worth of $17.3 billion, $100 million more than his 2007 net worth. But when the magazine recalculated its 2008 list to take into account the current financial meltdown, they found that the Austin, Texas-based Dell lost $1.4 billion from the end of August to the beginning of October. So now his net worth is down to $15.9 billion. We think he can get by on that

  144. LOSS: $1.4 billion

    The Blackstone Group cofounder had a net worth of $7.8 billion according to Forbes’ 2007 list of the 400 richest Americans, published last fall. As of this October, his net worth had dropped to $6.4 billion. Meanwhile, it looks unlikely to rebound as Blackstone’s stock keeps getting pummeled in the market. It’s down nearly 70 percent so far this year.

  145. Oleg Deripsiska LOSS: $1.54 billion

    This March, Russia’s richest man had an estimated wealth of $28 billion, but then he was forced to sell a $1.54 billion stake in a Canadian auto-parts company to meet a margin call from BNP Paribas, knocking his net worth down by more than $1 billion.

  146. LOSS: $1.54 billion

    This March, Russia’s richest man had an estimated wealth of $28 billion, but then he was forced to sell a $1.54 billion stake in a Canadian auto-parts company to meet a margin call from BNP Paribas, knocking his net worth down by more than $1 billion.

  147. Thanks to even greater losses experienced by competitors MGM Mirage and Las Vegas Sands, Steve Wynn’s Wynn Resorts is now the largest publicly traded casino company, with $3.33 billion in market capitalization.

    Still, Wynn Resorts’ stock price is down 76 percent from last year and Wynn himself has seen the value of his stake in the company drop from more than $3 billion to roughly $1 billion, according to The Wall Street Journal.

    But that’s nowhere near as much as MGM Mirage’s majority shareholder Kirk Kerkorian lost ($13 billion), and it doesn’t even come close to Sheldon Adelson’s $30 billion drop.

  148. LOSS: $2.3 billion

    Like Jerry Yang, Steve Jobs reportedly only pays himself $1 a year in salary. So he’s suffered along with Apple’s shareholders as its stock dropped this fall, including plunging twelve points the day of that “Steve Jobs heart attack” rumor. Jobs is also a major Disney shareholder. So, how much has he lost from his stakes in both companies? $2.3 billion from October 2007 to mid-October 2008.

  149. LOSS: $3.5 billion

    Bill Gates probably thought he was all set when he left Microsoft earlier this year. Little did he know that the market had other plans. Gates’ net worth was valued at $58 billion in September, down only $1 billion from 12 months earlier. But by the beginning of October, his net worth had fallen to $55.5 billion.

  150. LOSS: $3.6 billion

    We doubt Amazon CEO Jeff Bezos got what he ordered with respect to the performance of Amazon’s stock this year. Bezos’s stake in his digital retailer has fallen by $3.6 billion, reducing the value of his holdings to $5.7 billion.

  151. LOSS: $4 billion

    We have a feeling that Rupert Murdoch doesn’t like to lose. The News Corp CEO has spent the past few years acquiring newspapers, film companies, television networks, and assorted other properties.

    Unfortunately this year, Rupert did lose some of his assets. More specifically, $4 billion in NewsCorp stock, knocking his stake in his own company down to $3 billion.

  152. LOSS: $4+ billion

    A month ago, Sumner Redstone was forced to dump $233 million worth of Viacom and CBS stock to help pay off part of an $800 million loan his National Amusements holding company defaulted on. After that, rumors were running wild that he was on the verge of selling CBS or Viacom.

    While he’s yet to sell either media company and claims he wouldn’t dream of doing so (in public at least), both companies’ tumbling stock prices have reduced the value of Sumner’s stakes. Five months ago, his CBS and Viacom stock holdings were worth $5.1 billion. As of early October, they were down to roughly $2 billion. But on November 25, The New York Times speculated because of the situation

  153. LOSS: $12.1 billion

    Google co-founders Sergey Brin and Larry Page have lost roughly half of their net worth since January, solely due to the volatile moves of the stock market. The pair is down $12.1 billion for the year after losing roughly $1.5 billion each in September.

  154. LOSS: $13.6 billion

    Warren Buffett has, in many ways, been one of the heroes of the financial meltdown, saving everyone from Goldman Sachs to GE. But even the Oracle of Omaha isn’t immune to stock losses. After his net worth increased by $8 billion during September, he lost $5.29 billion in October thanks to Berkshire Hathaway’s plunging stock price. For the year as a whole, Warren’s paper wealth is down by $13.6 billion, leaving him with only $48.1 billion. Tough times in Omaha.

  155. LOSS: $28.2 billion

    Mukesh Ambani overtook Lakshmi Mittal as India’s richest person this year. Ambani saw his net worth drop by $28.2 billion in 2008, but still lost less than Mittal. Ambani controls Reliance Industries and is the brother of Anil Ambani, head of DreamWorks backer Reliance Communications. Anil’s 2008 loss: $32.5 billlion.

  156. LOSS: $30.5 billion

    Last year, Lakshmi Mittal was the wealthiest man in India and Forbes’s fourth richest person worldwide. Now, he’s lost $30.5 billion this year after his steelmaking conglomerate ArcelorMittal increased production cuts and its stock dropped precipitously. He’s just one of the Indians who helped the country’s richest class lose $200 billion this year.

    ArcelorMittal’s stock price went up through June, then it dropped from $104.77 to around $25 a share now. During that period, Mittal, who owns 43 percent of the company, experienced stock losses totaling $50 billion. Fortunately, taken over the entire year, Mittal’s net worth has only dropped from roughly $50 billion

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