March 23, 2017

Trump Drops More Than 200 Spots in Forbes' Annual Billionaire List

20 March 2017, 06:54 | Ross Houston

Bill Gates is the richest person in tech

Bill Gates is the richest person in tech

Gates has been the richest person in the world for 18 out of the last 23 years. Gates has a fortune of $86 billion, up from $75 billion past year.

Billionaire's across the globe saw their net worth jump by 18% to $7.7trn (£6.2trn) over the past year, according to Forbes 2017 billionaires list.

Others in the top 10 included Amazon founder Jeff Bezos who moved up to number three with the biggest gain of any person on the planet, a $27.6 billion increase to his fortune of $72.8 billion. Forbes' tally includes 2,043 billionaires, up from 1,810 in 2016, with an average net worth of $3.75 billion. From titan investors to the reigning royalty of the tech world, the usual suspects tend to top the list and consistently make the cut year after year, from Bill Gates to Warren Buffett. Facebook creator Mark Zuckerberg was number five and Oracle co-founder Larry Ellison was number seven.

Trump might have slipped, but other members of the list are doing quite well for themselves.

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

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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 midtown Manhattan real estate market which is responsible for a disproportionate amount of his wealth.

Eight of the top 10 on the list hail from the United States. "Lately, the neighbourhood has been struggling (relatively speaking)".

"But it's not exactly shocking, given the rapid transition over the last 20 years away from shopping in physical retail stores in lieu of online shopping, where retailers like Amazon can offer lower pricing on products and services because they don't have to offset the costs of also paying for physical stores", Yahoo Finance reported.

Spanish clothing retailer Amancio Ortega (best known for the Zara fashion chain) drops to No. 4, despite his net worth increasing to $71.3 billion.

In total 233 new billionaires joined the list, the largest number to join this elite club since rankings began in 1986. 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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