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A Lot of People Became Billionaires Last Year

21 March 2017

USA president, Donald Trump dropped down the list 200 spots to 544th as his fortune nosedived to $3.5bn from $3.7bn the previous year.

Forbes says it calculates the wealth of the listed billionaires by using stock prices and exchange rates to calculate their net worth as of February 17, 2017.

Forbes said on Monday that the number of billionaires had jumped 13 per cent to 2,043 from 1,810 previous year.

Last year, Forbes said Trump was the 324th-richest person in the world.

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The global population of billionaires, now put at a record 2,043, marks the biggest annual increase in the 31 years since the magazine began compiling the list. He was adjusted richest man past year too with a net worth of $75 billion.

Whilst the US President has refused to publish any of his tax returns to show the true scale of his wealth, during his Presidential campaign he claimed he was worth "an excess of $10 billion". The Microsoft co-founder and philanthropist has been the richest person in the world 18 out of the past 23 years, Forbes reported.

Forbes said that much of the decline in Trump's net worth is due to softness in the midtown Manhattan real estate market.

"Although Donald Trump's name is plastered on buildings all around the world, his core assets are still located in a small part of New York City", Forbes associate editor Dan Alexander said about Trump's ranking the publication's famous annual listing. His fortune rose to $86bn, from $75bn previous year.

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His wealth grew a bit from 2016, when Forbes had his net worth at $1.2 billion.

The magazine said that other billionaires on the list had a tendency of complaining that their estimate was too high rather than too low. Just one spot below is Hong Kong tycoon Li Ka-shing, with a net worth of US$31.2 billion.

The US has the most billionaires with its 565, next comes China at 319, Germany is third with 114, and India with 101 takes fourth spot.

Other fun trivia include the fact that there are 56 billionaires under age 40, down from 66 previous year, after some aged out and others dropped below the US$1 billion mark. President Donald Trump met with Microsoft Corp co-founder Bill Gates at the White House yesterday, just days after releasing a budget proposal that would impose deep cuts on funding for numerous causes championed by the billionaire philanthropist.

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Who made it into the billionaires club?

A Lot of People Became Billionaires Last Year