Wednesday, 23 May, 2018

Forbes names Amazon CEO world's richest man

Donald Trump has dropped down the rankings of the world's richest people Billionaires of 2018: Forbes lists the richest people in the world
| 07 March, 2018, 00:25

Donald Trump has crashed 222 places on the Forbes annual World's Billionaires list, after his fortune fell by $US400 million ($511 million) since he became US President past year. Bezos' 2017 is the biggest single year gain since Forbes began tracking the uber-wealthy back in 1987.

Microsoft co-founder Bill Gates dropped one spot from previous year to No. 2, with $90 billion.

Mining mogul Gina Rinehart remains Australia's richest citizen with her iron ore wealth increasing from $US17.2 billion ($21.9 billion) to $US17.4 billion ($22.2 billion).

France's Bernard Arnault of luxury goods group LVMH is the richest person from outside of the USA with a $72bn fortune.

The list is published in Forbes's latest edition under the headline "The super-rich continue to get richer, widening the gap between them and everyone else". Within the last year, the value of Trump Tower - the 5th Avenue-based former home of the president in the center of the most expensive retail real estate in Manhattan - declined $41 million this year, Forbes estimated.


Amancio Ortega - This 81-year-old owner of fashion retailer Zara has a total net worth of $70 billion and lives in Spain. His fortune is up from $US75.6bn a year earlier.

Bezos moved atop the list by amassing a fortune of $112 billion, according to Forbes.

Trump fared better in Forbes's ranking than in Bloomberg's billionaires list, which put his net worth at 2.86bn dollars.

The magazine attributed Trump's decline in wealth to "a tough NY real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign".

The 20 richest people on the planet have a net-worth of over $1.2 trillion, which is comparable to the yearly economic output of Mexico.

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