Trump Drops 220 Spots on Billionaires List, As His Wealth Shrinks $1Bn

Presidential candidate Donald Trump

President Donald Trump fell 220 positions on Forbes billionaires list after losing $1 billion.

Forbes magazine recently published its annual billionaires list, and Trump is unhappy with the rankings. The president lost $1 billion in just one year, and with a fortune of $3.5 billion, he landed on the 544th position.

233 New Billionaires Joined Forbes Rankings

Yet, other of the world’s richest people fared better last year as 233 new billionaires joined the list. Forbes rankings currently have 2,043 billionaires, which is the highest level since the list’s creation, 31 years ago.

The billionaires listed by Forbes have a combined fortune of $7.67 trillion. Forbes explained the sudden surge of billionaires is due to higher oil prices and booming stock market.

Global markets hit new record highs after Trump won the election as businesses’ confidence bounced back. The Dow Jones Index soared 20,000, breaking all records, while the U.K.’s FTSE 100 closing at record levels in recent weeks.

Forbes said the $1 billion loss is due to a slump in real estate prices in Midtown Manhattan, where the billionaire politician has 10 buildings. Last year, Trump was the planet’s 324th wealthiest person.

Forbes also explained that around 40% of the president’s fortune depends on Trump Tower and several buildings within one mile of it. Trump repeatedly declined to release his tax return, which could help solve the mystery around his fortune, but last year, he said he was worth more than $10 billion.

Trump Likely to Blast Forbes

In 2016, Trump blasted Forbes editors for underestimating his fortune.

‘You guys are too low I am worth far more than you say,’

he told them but never called back to discuss the issue.

Forbes said they got a lot of feedback from Trump when they called him, and the fact that he didn’t call back was probably because he had other pressing matters than the magazine’s estimate of his net worth.

According to the list, the world’s richest person is still Microsoft boss Bill Gates with a fortune of $86 billion (which grew by $11 billion over the last year). Billionaire investor Warren Buffett landed on the second spot with a net worth of $75 billion, while Amazon’s chief Jeff Bezos sits on the third spot, after seeing his fortune soar by $27.6 billion to $72.8 billion in just one year.

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