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Bill Gates again world's richest man; Trump slips

20 March, 2017, 19:50 | Author: Mae Harvey
  • Bill Gates is the richest person in tech

It said that the number of billionaires lifted by 13% to 2,043, the first time it has unearthed more than 2,000 super wealthy in the list's 31-year history.

NEW YORK, March 20 While Donald Trump's political fortunes were rising, his net worth was dropping to a mere $3.5 billion, or roughly a third of what he claimed during his successful campaign for the USA presidency, according to the latest Forbes list of the world's billionaires.

The US had the most billionaires with 565, a product of the swelling value of the American stock market since Trump's November 2016 election.

Trump slipped 220 spots on the list to 544 with an estimated $3.5 billion, a decline of $1 billion from a year ago.

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

The highest ranking woman on the list was L'Oreal cosmetics shareholder Liliane Bettencourt, who was 14th with $39.5 billion.

Also on the list is veteran banker Wee Cho Yaw, who has a net worth of US$5 billion, as well as Hong Leong Group chairman Kwek Leng Beng, with a net worth of US$2.7 billion. Amazon's Jeff Bezos is third with $72.8 billion, followed by Spanish clothing retailer Amancio Ortega and Facebook's Mark Zuckerberg.

Notable newcomers included Vietnam's first self-made woman billionaire, Nguyen Thi Phuong Thao, who took her budget airline, VietJet Air, public in February 2017.

Forbes attributed the USA president's slide down the list to the sluggish Manhattan property market, which is responsible for a disproportionate amount of his wealth.

"Forty percent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it", according to the magazine. "Lately, the neighbourhood has been struggling - relatively speaking".

How Much is President Trump Worth Now?

"But it's not exactly shocking, given the rapid transition over the last 20 years away from shopping in physical retail stores in lieu of online shopping, where retailers like Amazon can offer lower pricing on products and services because they don't have to offset the costs of also paying for physical stores", Yahoo Finance reported.

But not all of the trends were negative for Trump. Gates has been the richest person in the world for 18 out of the last 23 years.

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