Published: Wed, March 07, 2018
Worldwide | By Victor Meyer

Trump slumps on Forbes billionaires list

Trump slumps on Forbes billionaires list

Amazon CEO Jeff Bezos tops Forbes annual billionaires list, released Tuesday, as President Donald Trump's ranking plummeted. He topped the same list past year and held the title on the Forbes 400 ranking released in October, when his net worth was $8.5 billion.

Interestingly, Trump-branded golf properties in locations where he won the 2016 election saw a more than 5% increase in revenue, while those in places where he lost the election - like California - had a 4% fall in revenue, according to Forbes' analysis.

Thanks to a 59 per cent rise in Amazon shares over the past 12 months, Bezos nearly doubled his fortune, taking it to US$120 billion, way ahead of Gates's US$90 billion - the biggest gap ever between the number one and two spots, Forbes said.

At the second place is former world's richest man and Microsoft founder Bill Gates, with his wealth at $90 billion.

This year 31 individuals from Arab countries have made the list.

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Ambani was ranked 20th a year ago.

Legendary investor Warren Buffett held on to his number three ranking, followed by French industrialist Bernard Arnault, who jumped to fourth-richest person from his previous number 11 spot, mostly thanks to euro strength against the dollar, the magazine said. His fortune is up from $US75.6bn a year earlier.

The list is published in Forbes's latest edition under the headline "The super-rich continue to get richer, widening the gap between them and everyone else".

All together, the billionaires on the list are worth $9.1 trillion.

Forbes estimates $1.5 billion of Trump's wealth comes from New York City real estate. The magazine uses that day's stock prices and exchange rates from around the world.

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