Donald Trump’s wealth has fallen for second year running – Forbes

[Zippyjuan]

https://www.theguardian.com/us-news/...zon-jeff-bezos

He's gonna need those tax cuts he signed into law.

Donald Trump has tumbled more than 200 places in the world ranking of billionaires as a result of his fortune shrinking by more than $400m (£287m) to $3.1bn over the past year.

According to Forbes magazine’s annual ranking of the world’s wealthiest people, the US President slipped from 544th richest last year to 766th this year. It is the second year running that Trump’s fortune has dwindled.

The drop in Trump’s estimated fortune comes on top of Forbes wiping $1bn off his net worth in its 2017 rankings. The magazine attributed the decline in Trump’s wealth to “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign”. Trump reached a $25m settlement in a legal dispute about claims that his Trump University real estate courses allegedly defrauded students.

Loses at his golf courses, including Turnberry in Ayrshire, have increased forcing the President to inject cash to keep them afloat. Losses at Trump Turnberry, his biggest investment outside of the US, more than doubled to £17.6m in 2016. Trump Turnberry owes Trump £112m, nearly double the £63m it owed him the previous year.

Trump’s slide down the rankings of the world’s wealthy comes as a record 35 people have joined Forbes’ list of billionaires, with the magazine calculating there are now 2,208 people with a net worth of more than $1bn.

The magazine named the Amazon founder and chief executive, Jeff Bezos, as the world’s richest man with a $112bn fortune, replacing the Microsoft co-founder, Bill Gates, who fell back into second place with $90bn.

Forbes calculated that Bezos’s fortune, which is mostly held in Amazon shares, increased by $39.2bn over the past year – the biggest ever one-year gain. Amazon’s shares have nearly doubled from $846 a share last March to $1,523 per share last night.

Collectively, the world’s 2,208 billionaires hold $9.1tn – more than three times the gross domestic product (GDP) of the UK. The billionaires increased their combined wealth by $1.4tn over the past year.

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”.

Forbes List: https://www.forbes.com/billionaires/...version:static

[Swordsmyth]

Better watch out zip, this might indicate he is less corrupt than all the politicians whose wealth mysteriously grows while they are in office.

[dannno]

Better watch out zip, this might indicate he is less corrupt than all the politicians whose wealth mysteriously grows while they are in office.

Ya I never understand the point of half the $#@! zippy posts.

[fedupinmo]

So... Zippy is saying that Trump has sacrifice a lot to MZGA?

[donnay]

Oh no! He is not getting gifts of money for doing deals?

[timosman]

Ya I never understand the point of half the $#@! zippy posts.

There must have been some serious trauma in this person's life.

[kpitcher]

Trump said he was worth "10 BILLION DOLLARS". He even used all caps so it must be serious.

This story has to be more fake news