Bill Gates named richest man again; Trump falls 220 spots

Microsoft co-founder Bill Gates has once again topped the Forbes rich list, with an estimated wealth of $86 billion
  • The Microsoft co-founder topped Forbes Magazine's list published on Monday 
  • Forbes estimated Gates staggering fortune to be worth as much as $86 billion 
  • It was the fourth straight time the tech icon had taken out the top spot on the list 
  • Donald Trump fell 220 spots on the list from 324 to 544 with a $3.5billion worth 

Microsoft co-founder Bill Gates once again topped the Forbes magazine list of the world's richest billionaires, while US President Donald Trump slipped more than 200 spots.

Gates, whose wealth is estimated at $86 billion, led the list for the fourth straight year.

He was followed by Berkshire Hathaway chief Warren Buffett among the top 10 billionaires, a group heavily dominated by Americans, many of whom work in the technology sector. 

Buffett's wealth was estimated at $75.6 billion.

  Billionaire Warren Buffett, CEO and chairman of investment company Berkshire Hathaway, speaks during a Washington dinner in 2012Mark Zuckerberg, founder of Facebook, delivers a keynote speech during the Mobile World Congress in Barcelona
Warren Buffett was second on the list behind Gates with a net worth of $75.6billion. Mark Zuckerberg was fifth with $56billion

Others in the top 10 included Amazon founder Jeff Bezos at number three, Facebook creator Mark Zuckerberg at number five and Oracle co-founder Larry Ellison at number seven.

The global billionaire population jumped 13 percent from last year to 2,043, the biggest annual increase in the 31 years since the magazine began compiling the list, Forbes said.

The US led countries with the most billionaires with 565, a product of the swelling value of the American stock market since Trump's November 2016 election.

China was second with 319 billionaires, and Germany was third with 114.

 
 Donald Trump (pictured at the White House on Sunday) took a tumble in the latest list, falling 220 spots to number 544

Donald Trump (pictured at the White House on Sunday) took a tumble in the latest list, falling 220 spots to number 544

Trump himself slipped 220 spots on the list to number 544 with an estimated $3.5 billion. Forbes attributed Trump's drop to sluggishness in the Manhattan real estate market which is responsible for a disproportionate amount of his wealth.

'Forty percent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it,' Forbes said. 

'Lately, the neighborhood has been struggling (relatively speaking).' 

Among others in the Forbes top 10, Amancio Ortega of Spanish apparel chain Zara was fourth, Mexican telecom tycoon Carlos Slim was sixth, the Koch brothers, Charles and David, were eighth and ninth and former New York City mayor and Bloomberg News founder Michael Bloomberg was 10th.

This year it took at least $3.7 billion in wealth to make it onto the list, but only in a tie for 501st place, a group that included Hollywood director Steven Spielberg.

 

 

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Capitalbay. Capitalbay accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
What's next
By Mathias Dillion 03/20/2017 11:48:00