Eye on Oracle

Mar 8 2012   4:32PM GMT

Larry Ellison demoted to 7th wealthiest person on earth

Lena Weiner Lena Weiner Profile: Lena Weiner

Bad news for Larry Ellison- He’s no longer among the top five richest people on earth, and will have to settle for the slightly less luxurious position of number seven, according to Bloomberg’s most recent list of billionaires.

Unfortunately for Ellison, Ingvar Kamprad, Swedish business magnate and founder of IKEA, suddenly moved from 126th wealthiest person on earth to 4th, and Amancio Ortega (Spanish fashion entrepreneur best known for the clothing chain Zara) nosed out Ellison for 6th position, with French luxury goods magnate Bernard Arnault taking the 5th slot.

Oh Larry… We know this must be very, very tough for you. There goes that new ivory back scratcher you were planning to buy. On the bright side, Ellison is still worth 38.2 billion, and is still the third richest American, after Bill Gates and Warren Buffett.

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