Donald Trump drops on the Forbes Billionaires List

Lots to discuss. Lots

Lots to discuss. Lots

President Donald Trump slipped 220 spots to 544 and must now somehow make ends meet with just $3.5bn.

Meanwhile Microsoft founder Bill Gates kept his top spot on the Forbes list, with a fortune of US$86bil (up from US$75bil in 2016) for the fourth year running.

"Forty percent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it", according to the magazine.

Forbes said the $1bn fall in his wealth was due to the slow U.S. property market.

Forbes updated list of the richest people on the planet, and multiple tech company founders and executives were scattered throughout the list.

Gates, whose wealth -is estimated at USA $ 86 billion, led the list for the fourth straight year.

The post Bill Gates tops Forbes' rich list as Trump's wealth slips appeared first on BusinessDay: News you can trust.

Trump's current $3.5 billion net worth compares with $3.7 billion in October, when Forbes published its list of the 400 wealthiest Americans and a month before his Election Day upset against Democrat Hillary Clinton.

"We list individuals rather than multigenerational families who share large fortunes, though we include wealth belonging to a billionaire's spouse and children if that person is the founder of the fortune", the magazine says. Forbes attributed Trump's drop to sluggishness in the midtown Manhattan real estate market which is responsible for a disproportionate amount of his wealth. 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.

The global billionaire population jumped 13 percent from last year to 2,043, the biggest annual increase in the 31 years since the magazine began compiling the list, Forbes said.

As the New York's real estate market has slowed, Forbes began downgrading Trump's net value a year ago, saying in October that his net worth was down to $3.7 billion. "Lately, the neighbourhood has been struggling - relatively speaking". He ranked No. 501 in the Forbes' list.

The magazine likewise said that his riches was hit by $66m in political spending on his successful presidential campaign, together with $25m to settle litigation pupils were supposedly ripped off by him at Trump University.

Buffett's wealth was estimated at United States dollars 75.6 billion. 238 inherited their wealth; another 434 inherited at least a portion but are still growing it. - Notable newcomers included Vietnam's first self-made woman billionaire, Nguyen Thi Phuong Thao, who took her budget airline, VietJet Air, public in February 2017.

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