Saturday, 19 August, 2017

Trump drops 220 spots on Forbes list of billionaires

Bill and Melinda Gates Foundation Bill and Melinda Gates Foundation
Howard Terry | 21 March, 2017, 00:42

Compared to the guy at the top of the list, Bill Gates, though, it's chump change - he is estimated at $86 billion, and finds himself in the No. 1 spot for the fourth year in a row. He ranked 717th on the latest list, down from 612th a year ago.

The total number of women on the list is 227, up from 202 in 2016.

President Trump's fortune has dropped by roughly $1 billion since previous year, according to Forbes magazine's latest ranking of the world's billionaires. During the campaign he said that he was worth $8.7 billion and said past year in a personal financial disclosure form filed with the federal government that his net worth was "in excess of $10 billion". The Microsoft co-founder and philanthropist has been the richest person in the world 18 out of the past 23 years, Forbes reported.

233 billionaires were welcomed to the list this year and for the first time ever Forbes counted over 2,000 people with fortunes to fit the very big bill. Bezos' net worth surged by $27.6 billion to $72.8 billion, lofting him to third place among the world's richest.

While Gates' pal Warren Buffett took over the No. 2 spot at $75.6 billion, it was Amazon founder and CEO Jeff Bezos who had the best year of anyone.

Notable newbies include Patagonia sportswear founder Yvon Chouinard; Viking Cruises founder Torstein Hagen of Norway; US hedge fund tycoon Cliff Asness and two of his partners; and John and Patrick Collison, Irish citizens who cofounded San Francisco-based Stripe, which enables online payments. "In some cases, siblings and couples are listed together if the ownership breakdown among them isn't clear; however, they still must be worth on average a minimum of $1 billion apiece to make the cut", Forbes said in its statement.

This year was a record year for the world's super-wealthy, with a record of 2043 billionaires on the 30th anniversary of Forbes' guide to the world's richest people. 238 inherited their wealth; another 434 inherited at least a portion but are still growing it.

According to Forbes, his fall is due to the state of the Manhattan real estate market in which he invested a disproportionate amount of his fortune.

Forbes also released a detailed analysis of US President Donald Trump's now worth.

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