Gates tops US rich list with $48bn

MICROSOFT boss Bill Gates has topped the Forbes 400 list of the richest people in the US for the 11th year running, with $48bn (£26bn), up $2bn from 2003.

Despite the crash of technology stocks, the sector is well-represented in the top 10, with Gates joined by Microsoft co-founder Paul Allen at number three with $20bn, computer-maker Michael Dell at nine with $14.2bn, overtaking Oracle's founder and chief Larry Ellison who saw his fortune fall to $13.7bn from $18bn last year on poor performance of his stock.

But legendary investor Warren Buffett, the so-called Sage of Omaha, maintains his second-place ranking, adding $5bn to his $41bn pile - the biggest gain of anyone on the list.

Members of the Walton family, whose fortune comes from the world's largest retailer, Wal-Mart Stores, again took all positions from four to eight, with each having estimated wealth of $18bn.

For the first time since 2000, the total net worth of the richest Americans topped $1 trillion (£543bn) in 2004, up $45bn from last year. The list includes a record number of billionaires at 313.

Embattled Walt Disney chief executive Michael Eisner had his ego further dented by dropping off the list but would-be US First Lady Teresa Heinz Kerry returned to it at 400 with $750m.

Google founders Sergey Brin and Larry Page, thanks to their multi-million dollar payday from the float of the company, make their debut on the list, both at number 43 with $4bn apiece.

While New York City still has the most people on the list with 38, California, with 98 members, again outperformed the state of New York, with 49.