Trump drops 220 spots on Forbes list of billionaires

The number of billionaires in the world hit a record high past year, with more than 2,000 people holding the distinction, Forbes revealed in its annual list of the world's billionaires released on Monday.

US President Donald Trump came in at No.544 on the list, with a net worth estimated by Forbes of $3.5 billion - double that of Thaksin and behind Thailand's four richest men.

Other fun trivia include the fact that there are 56 billionaires under age 40, down from 66 past year, after some aged out and others dropped below the US$1 billion mark.

Much of Trump's slide, the publication said, is linked to a drop in the value of real estate in midtown Manhattan.

The business magazine adds the number of billionaires rose 13% to 2,043 from 1,810 previous year.

The number of United States billionaires on the list was 565, which Forbes attributed to the recent stock market surge since Mr Trump's November 2016 election. Amazon's Jeff Bezos is third with $72.8 billion, followed by Spanish clothing retailer Amancio Ortega and Facebook's Mark Zuckerberg.

President Donald Trump met with Microsoft Corp.co-founder Bill Gates at the White House on Monday, just days after releasing a budget proposal that would impose deep cuts on funding for numerous causes championed by the billionaire philanthropist.

He owns two homes in the United States' mountainous resort area of Aspen and two super yachts - the 250 foot Weta, and the 350 foot Ulysses, which was up for sale a year ago.

The wealthiest person in Texas, according to the list, is Alice Walton, 67, heir of Walmart founder Sam Walton, who has a net worth of $33.8 billion.

Forbes also released a detailed analysis of US President Donald Trump's now worth. With a net worth of $23.2 billion, Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL), is the highest-ranked Indian in the list, at No. 33.

Trump's sons Eric and Donald Jr. run the day-to-day operations and "have promised to separate the Trump Organization from the Trump presidency", though the magazine notes "it's unclear whether that is actually happening". This year marks the first time Forbes' billionaire club features more than 2,000 people. India is home to 101 billionaires, the first time it has has more than 100 super rich individuals.

Trump's dwindling net worth is going the other direction from many other billionaires during the past 12 months, who collectively saw their ranks swell to 2,043 worldwide with the addition of 233 newly minted billionaires, according to Forbes.

"Forbes' World's Billionaires list is a snapshot of wealth taken on February 17, 2017, when stock prices and exchange rates were locked in from around the world".

  • Zachary Reyes