More Billionaires

The number of billionaires surged this year, as did their collective pile of cash, according to Forbes magazine's annual billionaire list.

The magazine said the number of billionaires worldwide increased by 102 people in 2006 to 793, a record number, largely due to bullish global stock markets. Their total net worth jumped 18 percent to $2.6 trillion.

Microsoft founder Bill Gates is still the world's richest man, the magazine said, marking his twelfth consecutive year in the No. 1 spot.

Famed investor Warren Buffett again takes second place, and this year the gap between the two moguls is even wider, the magazine said.

Three new people moved into the top 10: France's Bernard Arnault at No. 7, Canada's Kenneth Thomson and family, ranked ninth, and Hong Kong's Li Ka-Shing in the No. 10 spot.

With 371, the U.S. is the country with the most billionaires, followed by German with 55, the magazine reported.

Read more here.

And may I ask: If the number of billionaires can grow worldwide, why can't we seem to jumpstart income growth and wealth formation for average American citizens in places line Cleveland, Ohio, Wichita Falls, Texas, and Meadville, Pennsylvania?