Donald Trump Falls 222 Places in Forbes’ Rich List

By Gage Skidmore from Peoria, AZ, United States of America (Donald Trump) [CC BY-SA 2.0] via Wikimedia Commons

US President Donald Trump has plunged by more than 200 places in the annual billionaire’s rich list of Forbes as prices of properties in New York dropped.

Trump was estimated to have lost approximately $400m (£287m) from his personal fortune to $3.1 billion (£2.33bn).

It means that Trump is ranked as 766th in the rich list of this year, down from the 544th in 2017, when $1bn was wiped by Forbes off his wealth – again because of declining property prices.

Trump owns approximately ten prime office buildings in New York that have seen its values become significantly lower over the past two years or so.

Forbes also pointed to the declining revenues at his golf courses and his campaign for election for the White House.

It said that “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign” all contributed to draining his wealth.

The magazine identified the Amazon founder and chief executive, Jeff Bezos, as the richest man in the world with a fortune amounting to $112bn, Bill Gates, the usurping Microsoft co-founder, dropped to second with $90bn.

The fortune of Bezos has leapt to $112bn from an estimated $39.2bn in 2017, thanks to the soaring share price of Amazon.

Majority of his fortune is tied to the shares of Amazon which have improved from $846 per share last March to $1,523 a share last night.

A record 2,208 billionaires are featured on the 32nd annual ranking of the magazine of the world’s billionaires.

Warren Buffett, the US investment guru who is worth $84bn, comes in at the third place. His fortune is up from $75.6bn a year earlier.

Bernard Arnault, the head of luxury goods firm LVMH, is the richest person in Europe. He comes fourth on the list with a fortune of $72bn.

Mark Zuckerberg, the founder of Facebook, comes in at fifth, with an estimated fortune amounting to $71bn.

According to Forbes, there are 53 billionaires in the United Kingdom, down from the 54 last year, with the Hinduja family, who have a raft of business interests, placed the highest at the 55th place with $19.5bn.

Forbes states: “(We have) pinned down a record 2,208 billionaires from 72 countries and territories including the first ever from Hungary and Zimbabwe.

“This elite group is worth $9.1 trillion, up 18% since last year. Their average net worth is a record $4.1 billion.”

Only 63 members of the super-rich list are below the age of 40. The youngest self-made billionaire is named John Collison of Stripe, who is 27 years old. He is the co-founder of the payments start-up with his older brother Patrick Collison, who is 29.