ibusinesslines.com March 23, 2017

Forbes Reveals Top Billionaire's List

20 March 2017, 07:09 | Kelvin Horton

Forbes' Billionaires List: Amazon CEO Bezos Is Biggest Gainer, Cracks Top 3

Bill Gates leads super rich as their combined wealth jumps by almost a fifth to $7.7trn

Oxfam revealed earlier this year that the eight richest people in the world own the same wealth as the poorest half of the population.

Warren Buffett, worth $75.6 billion, up from $60.8 billion in 2016, reclaimed the No. 2 slot, after a two-year hiatus.

He was followed by Berkshire Hathaway chief Warren Buffett among the top 10 billionaires, a group heavily dominated by Americans, many of whom work in the technology sector.

The latest estimate - which knocks Trump's ranking to 544th place among the world's richest individuals, from 324th a year ago - is also down $200 million from October, when Forbes had pegged Trump's fortune at $3.7 billion. For 2017, Michael Bloomberg ranked number 10 and the Koch brothers both shared the eighth spot.

Trump's dwindling net worth is going the other direction from many other billionaires during the past 12 months, who collectively saw their ranks swell to 2,043 worldwide with the addition of 233 newly minted billionaires, according to Forbes.

Forbes said on Monday that the number of billionaires had jumped 13 per cent to 2,043 from 1,810 previous year.

Goh Cheng Liang, who holds a 39 per cent stake in Japan's Nippon Paint holdings, remains Singapore's richest man with a net worth of US$6.5 billion and a ranking of 219 on the Forbes list.

Forbes attributed Trump's drop to sluggishness in the Manhattan real estate market which is responsible for a disproportionate amount of his wealth. "Lately, the neighbourhood has been struggling (relatively speaking)".

Rounding out the Forbes top 10, Amancio Ortega of Spanish apparel chain Zara was fourth; Mexican telecom tycoon Carlos Slim was sixth; the Koch brothers, United States conservative political activists Charles and David, were eighth and ninth; and former New York City mayor and Bloomberg News founder Michael Bloomberg was 10th. The Microsoft co-founder has now been the richest person in the world for 18 out of the past 23 years, per Forbes.

The number of women on the list increased by 25 from 2016, with 2017 having the highest number of female billionaires ever at 227. But the list also contained 15 new "self-made" women, mostly from Asian countries, including Vietnam's Nguyen Thi Phuong Thao of budget airline VietJet air.

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