Bill Gates tops Forbes' rich list but Trump's wealth slips

Five Austin Area Magnates Make Forbes Richest People List

Bill Gates tops Forbes' rich list but Trump's wealth slips

But none cracks the top 50 in Forbes' 31st billionaires list: 2,043 people with an average net worth of $3.75 billion.

President Trump ranks at No. 544 with a net worth of 3.5 billion - a significant drop from his $3.7 billion fortune a year ago. Forbes attributed Trump's drop to sluggishness in the midtown Manhattan real estate market which is responsible for a disproportionate amount of his wealth. "Lately, the neighbourhood has been struggling (relatively speaking)", it added.

President Donald Trump walks to the White House after arriving on Marine One, Sunday, March 19, 2017, in Washington. The proposal would increase defense spending by $54 billion while slashing funding for the U.S. State Department and foreign aid programs by 28.7% to $27.1 billion.

But not all of the trends were negative for Mr Trump.

Simon, 82, the co-founder of Simon Property Group, has a net worth estimated at $2.8 billion, the same as previous year, Forbes said. The Microsoft co-founder and philanthropist has been the richest person in the world 18 out of the past 23 years, Forbes reported. His fortune rose to $86bn, from $75bn previous year.

Gina Rinehart has consolidated her position as Australia's wealthiest person with the prominent magazine Forbes saying the mining magnate's net wealth jumped to $US15 billion ($19.4 billion) over the past 12 months. 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". Joining Gates in the top three is investor/philanthropist Warren Buffet, with a net worth of $75.6 billion and Amazon CEO Jeff Bezos, the biggest gainer on the list, with a net worth of $72.8 billion.

Gates maintained his No. 1 spot for the fourth year in a row, with his $86 billion fortune up from last year's $75 billion.

Others are, Yoshiko Shinohara of Japan, who began a staffing firm to help women get into the workforce, Manny Stul of Australia, whose toy company created the Shopkins collectibles, American Yvon Chouinard, the founder of Patagonia, and Juan Francisco Vidal of Mexico, who's the chairman of tequila giant Jose Cuervo.

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