Trump's net worth dwindled to $3.5 billion, Forbes says

Mon Mar 20, 2017 5:46pm GMT
 

By Barbara Goldberg

NEW YORK (Reuters) - While Donald Trump's political fortunes were rising, his net worth was dropping to a mere $3.5 billion, or roughly a third of what he claimed during his successful campaign for the U.S. presidency, according to the latest Forbes list of the world's billionaires.

Trump tumbled more than 100 spots to No. 544 on the magazine's 31st annual list, largely because of the impact of the slumping New York real estate market on his holdings.

"Midtown Manhattan real estate is down; therefore, so is Donald Trump's fortune," the business magazine said in a statement.

The developer-turned-politician, who ranked No. 205 last year, fell further behind to Bill Gates, the list's perennial leader.

Gates, the philanthropic co-founder of Microsoft Corp (MSFT.O: Quote), was followed this year by Berkshire Hathaway Inc (BRKa.N: Quote) Chairman Warren Buffett at No. 2 and Amazon.com Inc (AMZN.O: Quote) founder Jeff Bezos at No. 3.

While Trump's net worth slipped, more people were qualifying for the list. This year Forbes ranked a record 2,043 billionaires.

"Booming stock markets, higher commodities prices and plain old-fashioned entrepreneurship helped make this a record year in terms of wealth creation around the globe," Forbes editors Luisa Kroll and Kerry Dolan said.

Trump's current $3.5 billion net worth compares with $3.7 billion in October, when Forbes published its list of the 400 wealthiest Americans and a month before his Election Day upset against Democrat Hillary Clinton.   Continued...

FILE PHOTO: The Trump Tower logo is pictured in New York, U.S., May 23, 2016. REUTERS/Carlo Allegri/File Photo
 
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