Donald Trump plummets down Forbes billionaires list

by Antonio Miles March 7, 2018, 0:07
Donald Trump plummets down Forbes billionaires list

Forbes estimates Mr Trump's worth collapsed from $US3.5 billion ($4.4 billion) to $US3.1 billion ($3.9 billion) this year, with the magazine saying it was partially due to a fall in NY property values and a dip in revenues at his golf courses.

Shopping mall tycoon Henry Sy is still the Philippines' richest man while founder Jeff Bezos seized the top spot for the first time, Forbes Magazine said Tuesday.

Microsoft founder Bill Gates dropped to No. 2 with $90 billion.

The improvement in Mr Bezos' fortune is the biggest on record.

According to Daily News, Trump Tower, the President's NY home, lost an estimated $41 million in value past year.

Ambani was ranked 20th previous year.

The billionaires increased their combined wealth by 1.4bn dollars over the past year.

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France's Bernard Arnault of luxury goods group LVMH is the richest person from outside of the U.S. with a $72bn fortune.

Forbes magazine is revealing its annual list of billionaires.

USA investment superstar Warren Buffett, who is worth $US84bn, is third. "Forbes estimates that the value of Trump's most famous building declined $41 million in the past year".

The magazine attributed Trump's decline in wealth to "a tough NY real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign".

Forbes puts his real-time net worth at about $9.1 billion.

During his campaign, Trump said he had a net worth of $10 billion - but that claim was quickly debunked with reports reflecting his net worth was closer to around $3 billion or $4 billion.

The Forbes' billionaires list is based on share prices and other financial data on 9 February 2018.

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