US President Donald Trump has tumbled down more than 200 places in the world's billionaire rankings after losing around $400 million in his net worth from last year. The business tycoon, with $3.1 billion is now ranked 766th this year, down from a 544th ranking last year.
Forbes, the American magazine which compiles a list of the world's richest people annually, attributed his decline to "a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign."
Trump also lost out around a billion dollars in net worth in 2017. According to Daily News, Trump Tower, the President's New York home, lost an estimated $41 million in value last year. Another property on 57th St. is losing a longtime tenant in Nike. Trump also shelled out $25 million in settling lawsuits that alleged his Trump University real estate courses defrauded students.
Meanwhile, the billionaires list features Amazon chief Jeff Bezos at the numero-uno, with his combined wealth totaling a mind-boggling $112 billion. Interestingly, his wealth rose by $39 billion last year—the largest ever single year gain in history. At the second place is former world's richest man and Microsoft founder Bill Gates, with his wealth at $90 billion.
Thanks to a 59-per cent rise in Amazon shares over the past 12 months, Bezos almost doubled his fortune, taking it to $120 billion, way ahead of Gates's $90 billion—the biggest gap ever between the number one and two spots, Forbes said.
Legendary investor Warren Buffett held on to his number three ranking, followed by French industrialist Bernard Arnault, who jumped to fourth-richest person from his previous number 11 spot, mostly thanks to euro strength against the dollar, the magazine said.
Facebook's Mark Zuckerberg was fifth on the list.
