It was a tough year, even for billionaires.
Glen Taylor, Mankato businessman and owner of the Minnesota Timberwolves, lost $1.1 billion in net worth last year but is still worth $2.2 billion, according to the Forbes richest people list.
According to the Mankato Free Press, Taylor is ranked as the 147th richest person, falling from 123rd place in 2008, when his net worth was listed at $3.3 billion. In 2007, he was 149th with a worth of $2.7 billion.
The paper noted that Taylor has a printing empire as well as owning the Minnesota Timberwolves.
Taylor has said that in recent years his egg and farming properties have equaled or surpassed the value of his printing plants.
Taylor Corp. sales have been eroding as consumers shift to electronic greetings.
He owns farmland in Iowa and Minnesota and owns agribusinesses that sell liquefied eggs to food companies and restaurants.
Taylor also invested in Envoy, a microdevice implanted deep within the ear that is seeking to cure hearing loss.
Putting it in perspective, the paper says:
Bill Gates continues to be the richest person in America with a net worth of $50 billion. He is followed by Warren Buffet at $40 billion and then Lawrence Ellison of Oracle with $27 billion. Four Walton family members, of Wal-Mart, take the fourth through seventh rankings.