Donald Trump plummets down Forbes billionaires list

Michele Moreno
March 7, 2018

The 71-year-old president, who became the first billionaire to serve in the Oval Office when he was inaugurated in January 2017, has a net worth of $3.1 billion, according to new estimates from Forbes.

Founder of online giant Amazon, Jeff Bezos, topped the list after his estimated worth leapt from $US39.2 billion ($50 billion) past year to $US112 billion ($143 billion) in 2018.

His rise knocks Microsoft founder Bill Gates, whose estimated wealth is $US90bn this year, up from $US86bn, into second place.

Forbes magazine is revealing its annual list of billionaires. Forbes said that jump amounts to the biggest one-year gain ever.

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

Collectively, the world's 2,208 billionaires hold 9.1tn dollars more than three times the gross domestic product (GDP) of the UK. American business magnate and investor Warren Buffett sits at the third spot on the list with $84 billion.

The richest person in Europe and fourth on the list is the boss of luxury goods firm LVMH, Bernard Arnault, who has a fortune of $US72bn.

US President Donald Trump's ranking on the list fell to 766th place from 544th in the last edition, his wealth now being estimated at US$3.1 billion, $400 million less than a year ago. The 2,208 men and women are from 72 countries and territories, and, together, they're worth $9.1 trillion.

Despite Mr Trump's previously inaccurate claims he was worth more than $10 billion, Forbes said he is still the richest president in U.S. history. Gates placed second with a net worth of $90 billion.

Other reports by Insurance News

Discuss This Article