Published: Wed, March 07, 2018
World News | By Laverne Osborne

Donald Trump plummets down Forbes billionaires list

Donald Trump plummets down Forbes billionaires list

At the top of the list for the first time is Amazon founder and CEO Jeff Bezos.

Forbes calculated that Bezos's fortune, which is mostly held in Amazon shares, increased by 39.2bn dollars over the past year. Forbes said that jump amounts to the biggest one-year gain ever.

The magazine states the business tycoon's signature property, Trump Tower, fell in value by an estimated $US41 million ($52 million) past year, as a result of a rise in e-commerce.

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

Forbes identified a record 2,208 billionaires around the world in 2018, up from 2,043 a year ago. American business magnate and investor Warren Buffett sits at the third spot on the list with $84 billion.

Donald Trump has crashed 222 places on the Forbes annual World's Billionaires list, after his fortune fell by $US400 million ($511 million) since he became US President previous year.

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

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". The 2,208 men and women are from 72 countries and territories, and, together, they're worth $9.1 trillion.

Microsoft co-founder Bill Gates dropped one spot from past year to No. 2, with $90 billion.

Trump also shelled out $25 million in settling lawsuits that alleged his Trump University real estate courses defrauded students.

Forbes estimates $1.5 billion of Trump's wealth comes from New York City real estate.

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