Trump drops 220 spots on the Forbes Billionaires List

Trump drops 220 spots on the Forbes Billionaires List

Trump drops 220 spots on the Forbes Billionaires List

Forbes has tracked Trump's net worth since 1982 and past year he attained a personal high on the list with a ranking of 121. For 2017, Michael Bloomberg ranked number 10 and the Koch brothers both shared the eighth spot.

Last year, Forbes said Trump was the 324th-richest person in the world.

For the fourth consecutive year, Microsoft co-founder and philanthropist Bill Gates topped this year's rich with an estimated fortune of around $86bn. That's up from $4.8 billion and 298th on last year's list.

The number of United States billionaires on the list was 565, which Forbes attributed to the recent stock market surge since Mr Trump's November 2016 election.

"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", assistant managing editors of wealth at Forbes Media Luisa Kroll and Kerry Dolan said in a statement. 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.

Other notable newcomers to the list include: Australian Manny Stul, whose toy company created the popular Shopkins collectibles; American Yvon Chouinard, the founder of outdoor gear maker Patagonia; and Juan Francisco Beckmann Vidal of Mexico, who is chairman of tequila maker Jose Cuervo.

Also on the list are 15 new self-made women, all but one of whom are from Asia-Pacific, Forbes said. The list features individuals rather than multigenerational families who share large fortunes. 238 inherited their wealth; another 434 inherited at least a portion but are still growing it.

Forbes also released a detailed analysis of US President Donald Trump's now worth.

President Trump's hand, like his net worth, is smaller than he'd like.

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

President Donald Trump fell several spots n the rankings to No. 544 with assets of $3.5 billion from his television and real estate holdings.

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