FedEx founder makes rich list

FedEx Corp. founder Fred Smith ranked No. 559 on Forbes magazine’s list of the world’s billionaires.

FedEx Corp. founder Fred Smith ranked No. 559 on Forbes magazine’s list of the world’s billionaires.

Smith made the list with a net worth of $1.3bn, dropping 169 spots from his 2008 ranking. In 2008, he was worth $2.4bn and ranked No. 390 worldwide, according to Forbes.

Forbes ’ list of the 400 richest Americans, which published in September, showed Smith’s net worth at $2bn. At that time, he ranked No. 227 on the richest Americans list.

FedEx stock has taken a beating over the past year, with the broader economy. Shares closed 11 March at $37.56, compared to $87.06 on 12 March 2008.