Buffett loses $11bn...but stays second in rich list

Billionaire investor Warren Buffett has retained second spot in Forbes latest list of America's richest people, despite seeing his personal wealth fall by $11bn.

Berkshire Hathaway, Buffett's investment company, saw its value diminish sharply as markets fell, causing him to lose billions of dollars.

Buffett was the only individual of the top 20 in the Forbes 400 list to lose money this year.

However, the legendary investor - who has backed higher taxes for the wealthy in the US to ease the country's deficit crisis - is still sitting in second place with a fortune of $39bn.

The list of the richest Americans continues to be topped by Microsoft founder Bill Gates, whose own wealth rose $3bn to $59bn, as Microsoft shares climbed.

George Soros has also entered the list for the first time after racking up $22bn. The hedge fund boss has stepped back from managing investments other than his own recently, opting to close his hedge fund business to new investors.

The full list is available HERE.