March 19, 2018

Bill Gates tops Forbes' rich list but Trump's wealth slips

20 March 2017, 07:52 | Darin Griffith

Bill Gates tops Forbes' rich list but Trump's wealth slips

Five Austin Area Magnates Make Forbes Richest People List

With a current market cap of $390 billion, the Seattle-based retail giant is now worth more than the top eight traditional brick-and-mortar retailers combined, as Credit Suisse analysts led by Eugene Klerk mentioned in a recent note, Yahoo Finance reported.

Microsoft co-founder and philanthropist Bill Gates has defended his title as richest man in the world yet again, meaning that he has now taken the Forbes' top spot for four consecutive years.

Taipan Lucio Tan, who controls Philippine Airlines and Asia Brewery, was third in the Philippines with $3.7 billion, followed by Metrobank's George Ty with $3.5 billion and port magnate Enrique Razon of ICTSI with $3.4 billion.

Gates' $86 billion in wealth tops 2,043 other billionaires - a number that jumped 13 percent from 1,810 a year ago.

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

Donald Trump's wealth shrunk by $1 billion over the past year, according to an annual tally by Forbes magazine. Bezos added $27.6 billion to his fortune to reach $72.8 billion and move into the top three for the first time.

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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 US presidency, according to the latest Forbes list of the world's billionaires.

Facebook founder Mark Zuckerberg was number five and Oracle co-founder Larry Ellison was number seven. "Lately, the neighbourhood has been struggling - relatively speaking". Buffett now holds a net worth of $77.3 billion and made this year's list at No.2.

The magazine also notes that he gave $66 million to his presidential campaign and paid $25 million to settle a lawsuit related to Trump University. Their average net worth is $3.75 billion, which means Trump is not even worth as much as the "average" billionaire.

The list, published Monday, tracked the mind-boggling fortunes of the world's elite and assesses the overall financial trends of the world's richest people.

Amancio Ortega, the Spanish business tycoon best known for owning the Zara fashion label, came in fourth, making him the highest ranking non-American with an estimated fortunate of $71.3bn. Alibaba Group's Jack Ma clocked in at number 23 on the list, with US$28.3 billion.

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