ibusinesslines.com March 23, 2017

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

21 March 2017, 05:56 | Justin Tyler

Jeff Bezos net worth rose more than any other billionaire on Forbes 2017 Billionaires List

Jeff Bezos net worth rose more than any other billionaire on Forbes 2017 Billionaires List

For the fourth time in a row, Bill Gates was named as the richest man in the world, with an estimated fortune of US$86b ($122b), while Warren Buffett came in at second place with a net worth of US$75.6b ($107b).

The magazine put his net worth at $3.5 billion, down $1 billion from the rankings it issued a year ago.

Warren Buffett was second after his net worth rose by almost $15 billion, to $75.6 billion. Jeff Bezos, who founded Amazon, and Facebook creator, Mark Zuckerberg, are No. 3 and 5, respectively.

According to its methodology, Forbes bases its billionaires list on a "snapshot of wealth" taken on February 17 by valuing assets using stock prices and worldwide exchange rates.

Forbes found 2,043 people around the world were billionaires, with 233 becoming billionaires just within the past year.

There are 2,043 billionaires in the world, led by the United States with 565, followed by China with 319 billionaires, and Germany with 114.

As for U.S. president Donald Trump, he still made it into the world's billionaire's ranks with a net worth of US$3.5 billion, down by about US$1 billion compared to the past year.

"Midtown Manhattan real estate is down; therefore, so is Donald Trump's fortune", the magazine said in a statement.

"Forty percent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it", said Forbes. "Profits are down at Trump Tower, and the overall neighborhood surrounding has been struggling over the past year". There are a lot of familiar names on the list, including Microsoft's Bill Gates, who ranks as the world's wealthiest human with $86 billion in the bank. Alibaba Group's Jack Ma clocked in at number 23 on the list, with US$28.3 billion.

Spanish clothing retailer Amancio Ortega (the founder of the Zara fashion chain) dropped to No. 4, despite his net worth increasing to $71.3 billion.

Sall stands No. 367 among the world's richest, the new report says.

Politically Donald Trump may be at the height of his career, but his personal fortune has taken a battering over the past year.

In the United States, Carl Cook trails just behind Stan Kroenke, who grew famous previous year for becoming St. Louis' favorite villain by moving the Rams football team to Los Angeles. Bill Gates once again sits atop the list.

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