Trump's fortune shrinks by $814m, Forbes rich list shows

AMERICA'S WEALTHIEST: (Right) No. 1 Microsoft co-founder Bill Gates US$89b (Left) No. 2 Amazon's Jeff Bezos US$81.5b
AMERICA'S WEALTHIEST: (Right) No. 1 Microsoft co-founder Bill Gates US$89b (Left) No. 2 Amazon's Jeff Bezos US$81.5b

NEW YORK • America's richest may be getting richer but President Donald Trump's fortune has slid by US$600 million (S$814 million) to US$3.1 billion, according to a list of 400 billionaires just released by Forbes magazine.

Microsoft co-founder Bill Gates topped the list for a 24th consecutive year with a net worth of US$89 billion, while Amazon's Mr Jeff Bezos, worth US$81.5 billion, was No. 2.

But Mr Trump, the first US President to come solely from the private sector, is ranked 248 - sharing the spot with 27-year-old Snap co-founder Evan Spiegel, the youngest person on the list.

Forbes attributed Mr Trump's decline to a weakening New York retail and office real estate market, and new information about his assets. He was ranked 156 last year when he was elected to the White House.

Forbes said on Tuesday that those on its 36th annual list of the 400 wealthiest Americans have a record-breaking, combined total net worth of US$2.7 trillion, up from US$2.4 trillion last year. Entrance to the exclusive club cost a record-breaking US$2 billion.

There were 22 newcomers, including Netflix co-founder and chief executive officer Reed Hastings.

  • AMERICA'S WEALTHIEST

  • No. 1

    Microsoft co-founder Bill Gates

    US$89b

  • No. 2

    Amazon's Jeff Bezos

    US$81.5b

Twenty-six people dropped off from last year, including US Commerce Secretary Wilbur Ross.

There were only 50 women on the list. Ms Alice Walton, the daughter of Walmart founder Sam Walton, was highest-ranked at 13. Unlike her brothers, she has been curating art rather than working for Walmart.

The biggest gainer in dollar terms was Facebook's Mr Mark Zuckerberg, chalking up a US$15.5 billion increase in net worth to retain his No. 4 ranking with US$71 billion.

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A version of this article appeared in the print edition of The Straits Times on October 19, 2017, with the headline 'Trump's fortune shrinks by $814m, Forbes rich list shows'. Print Edition | Subscribe