Trump drops 220 spots on the Forbes Billionaires List

Janie Parker
April 1, 2017

U.S. President Donald Trump slipped 220 spots on Forbes 2017 Billionaires List while Bill Gates topped the list for the forth straight year. Also in the Top 10 are Amazon's Jeff Bezos ($72 B), Facebook's Mark Zuckerberg ($56 B), and Oracle's Larry Ellison ($52.2 B).

Trump himself slipped 220 spots on the list to number 544 with an estimated United States dollars 3.5 billion. Now worth $72.8 billion, he moved into the top three in the world for the first time, up from number five a year ago.

Joining Gates at the top is investor and philanthropist Warren Buffett, with a fortune worth $75.6 billion, up from $60.8 billion past year.

Trailing Sy is John Gokongwei Jr. founder of JG Summit, whose ranking went up to 250 from last year's 270 along with his net worth estimated at $5.8 billion.

A recent breakdown of the president's wealth valued his New York City real estate at $1.7 billion, his real estate outside New York at $630 million, his golf clubs at $620 million, his cash and personal assets at $270 million, and his brand businesses at $230 million.

Forty per cent of Trump's wealth is tied up in Trump Tower and eight other buildings within a short distance of it.

Forbes said that much of the decline in Trump's net worth is due to softness in the midtown Manhattan real estate market.

White House coy on claim it informed House intel chief
Former White House National Security Advisor Michael Flynn (C) arrives at the White House in Washington , U.S., February 13, 2017. Trump said the information Nunes provided him "somewhat" vindicated his claim that he was surveilled by Obama's administration.

The 2017 list is longer than it has ever been before - Forbes estimates there are now 2,043 billionaires worldwide, up from 1,810 in 2016.

"Booming stock markets, higher commodities prices and plain old-fashioned entrepreneurship helped make this a record year in terms of wealth creation around the globe", Forbes editors Luisa Kroll and Kerry Dolan said.

His wealth jumped to $72.8 billion, a gain of $27.6 billion from past year, Forbes said.

It is also noteworthy that the Asia Pacific region provided the most number of billionaires, totalling 720 with China alone supplying the most at 76 billionaires. He ranked No. 501 in the Forbes' list. "Lately, the neighborhood has been struggling [relatively speaking]".

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.

Rounding out the Forbes top 10, Amancio Ortega of Spanish apparel chain Zara was fourth; Mexican telecom tycoon Carlos Slim was sixth; the Koch brothers, U.S. conservative political activists Charles and David, were eighth and ninth; and former New York City mayor and Bloomberg News founder Michael Bloomberg was 10th. For the 2nd year running France's Liliane Bettencourt, the L'Oreal cosmetic heiress, was the world's most affluent girl using a $39.5bn net worth.

Overall, there were 227 women billionaires, the majority of whom inherited their wealth.

Other reports by TheDailyFarc

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