undergroundnewsroom.com March 23, 2018

Donald Trump plummets down Forbes billionaires list

07 March 2018, 11:51 | Damon Campbell

Top Lists by Nozair Hanif Mirza | Published

Top Lists       by Nozair Hanif Mirza | Published

Trump was ranked as No. 776 out of 2,124 on this year's list, with a net worth of $3.1 billion.

Unlike Forbes, which made its calculations based partly on stock wealth on February 9 this year, Bloomberg updates its billionaires list every day.

Top of the list is the founder and boss of online giant Amazon, Jeff Bezos.

Most of Bezos' fortune is tied up in Amazon stock, which soared 59 percent during the period tracked by Forbes.

The $100 billion dollar man forced Microsoft co-founder to occupy the second spot with a worth of $90 billion. Meanwhile Frenchman Bernard Arnault, the head of LVMH Moet Hennessy Louis Vuitton SE, with a net worth of $72 billion, climbing seven positions and Europe's richest person.

The fall comes a year after the Trump's net worth was reportedly $3.5 billion - about $1 billion less than his fortune reported on the Forbes 2016 Billionaires List. The 20 richest people on the planet are worth a staggering $1.2 trillion, a sum roughly equivalent to the annual economic output of Mexico.

The other Indians on the list are the Hinduja family ($19.5 billion), Wipro Chairman Azim Premji ($18.8 billion), steel magnate Lakshmi Mittal ($18.5 billion), and HCL founder Shiv Nadar ($14.6 billion).

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He's now worth an estimated $112 billion, up $39.2 billion from 2017.

Beyond just dropping several spots, one of Trump's Cabinet members has been removed from the list completely.

Luxury carmaker BMW, pharmaceutical and chemicals manufacturer Alatana, and the SGL graphite maker: Bilanz business magazine ranks 55-year-old entrepreneur and heiress Susanne Klatten sixth on its list of the richest Germans, worth 18.5 billion euros. The billionaires increased their combined wealth by $1.4bn over the past year.

Americans lead the way with a record 585 billionaires on the list, followed by mainland China with 373.

The improvement in Mr Bezos' fortune is the biggest on record.

The wealth shrinkage dropped Trump from 544th richest person in the world to 766th, having fallen down the list for the second year running.

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