Enterprise Rent-A-Car founder Jack Taylor ranks 32nd on Forbes magazine’s list of the 400 richest Americans. The magazine estimates his net worth to $7 billion, down from $14 billion last year when he ranked 18th.

For only the fifth time since 1982, the collective net worth of the nation's richest people, called The Forbes 400, has declined, falling $300 billion in the past 12 months from $1.57 trillion to $1.27 trillion.

For the 16th straight year, Microsoft’s co-founder Bill Gates took the top spot on the list, despite his net worth being down $7 billion in 12 months due to sluggish Microsoft shares and declining outside investments. Warren Buffet, who lost $10 billion of his net worth, came in at number two, with a net worth of $40 billion.