FOR THE FIRST TIME IN SEVEN YEARS THE WEALTHIEST AMERICANS IN THE WORLD ARE GETTING POORER!

It doesn't always pay to be mega rich.
For the first time in seven years, the wealthiest Americans in the world are getting poorer, according to The Forbes 400 list published Wednesday.

The collective net worth of the super rich sank $300 billion in the past 12 months, slumping from $1.57 trillion to $1.27 trillion.

And you no longer have to be a billionaire to be named one of the 400 richest Americans in the world: $950 million now gains entry to the exclusive club.

"This year's list is a wealth bloodbath," said Matthew Miller, Forbes senior editor and co-editor of the Forbes 400.

"No industry went unscathed, everyone got hurt."

For the second consecutive year, Microsoft's Bill Gates topped the Forbes 400 list followed by investor Warren Buffett and Oracle owner Lawrence Ellison.

Gates has lost $7 billion since September 2008 and now has a net worth of $50 billion.

Buffett was the biggest overall loser, with his fortune declining by $10 billion in 12 months, and now valued at $40 billion.

This is the first Forbes 400 list to take account of last year's stock market crash which caused the economy to falter and property prices to plummet.

"It is a great prism to look at the economy through," Miller said.

"When they are getting richer, you're more likely to get rich because they control the economy, how you eat, how you listen to music, what you wear, everything."

The top ten list has not changed, but the fortune of those in that elite group declined a total of $39.2 billion.

Overall, 314 people lost money this past year, compared to 126 the year before.

Mayor Bloomberg is still the richest New Yorker, and retained his eighth place standing with an estimated $17.5 billion.

There are 19 new members, including Marvel Entertainment boss Isaac Perlmutter, and investor Jeffry Picower, who allegedly took billions of dollars out of mega swindler Bernie Madoff's fund before it collapsed.

The youngest billionaire is Facebook founder Mark Zuckerberg, 25, who is worth $2 billion.