US president drops 100 spots on Forbes list after New York property stocks decline
WHILE Donald Trump’s political fortunes were rising, his net worth was dropping to a mere $3.5 billion (R44bn), or roughly one-third of what he claimed during his successful campaign for the United States presidency, according to the latest Forbes list of the world’s billionaires.
Trump tumbled more than 100 spots to number 544 on the magazine’s 31st annual list, largely because of the impact of the slumping New York real estate market on his holdings.
“Midtown Manhattan real estate is down; therefore, so is Donald Trump’s fortune,” the business magazine said in a statement.
The developer-turned-politician, who ranked number 205 last year, fell further behind to Bill Gates, the list’s perennial leader.
Gates, the philanthropic co-founder of Microsoft, was followed this year by Berkshire Hathaway chairman Warren Buffett at number two and Amazon.com founder Jeff Bezos at number three.
While Trump’s net worth slipped, more people were qualifying for the list. This year, Forbes ranked a record 2 043 billionaires.
“Booming stock markets, higher commodities prices and plain old-fashioned entrepreneurship helped to make this a record year in terms of wealth creation around the globe,” Forbes editors Luisa Kroll and Kerry Dolan said.
Trump’s current net worth of $3.5bn compares with $3.7bn in October, when Forbes published its list of the 400 wealthiest Americans, and a month before his Election Day upset against Democrat Hillary Clinton.
While campaigning for the Republican presidential nomination in May, Trump’s team filed a personal financial disclosure form that said his net worth was more than $10bn.
Critics have said he has inflated the true value of his wealth, saying his tax returns would provide a more accurate snapshot of his financial status. But Trump has defied convention and refused to release his returns.
Neither the White House nor the Trump Organisation, which Trump’s sons have run since their father’s inauguration, immediately responded to a request for comment on the Forbes list.
Gates maintained his number-one spot for the fourth year in a row, with his fortune of $86bn up from last year’s $75bn.
Buffett, the legendary value investor known as the “Oracle of Omaha”, reclaimed the number-two berth after a two-year hiatus. His net worth surged to $75.6bn from $60.8bn.
Third place went to Bezos, who apparently was the biggest winner on the 2017 list. His wealth jumped to $72.8bn, a gain of $27.6bn from last year, Forbes said.