Published: Tue, October 17, 2017
Business | By Max Garcia

Trump falls 92 spots on Forbes rich list

Bill Gates tops the Forbes 400 for the 24th consecutive year, with a net worth of $89 billion this year.

President Trump's net worth has reportedly dropped by $600 million, according to the Forbes list of 400 richest Americans.

But Trump, the first USA president to come exclusively from the private sector, is ranked 248 - sharing the spot with 27-year-old Snap co-founder and CEO Evan Spiegel, the youngest person on the list.

The magazine attributed his decline in wealth to "a tough NY real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign". We also learned about some debt they pulled down on [the Trump International Hotel]. Amazon's Jeff Bezos, worth $81.5 billion retains the No 2 spot for the second consecutive year, the magazine reported. Warren Buffet, Mark Zuckerberg, Larry Ellison, Michael Bloomberg, Charles Koch, David Koch, Larry Page and Sergey Brin round out the top ten.

The list from the magazine, which ranks the top 400 richest Americans, saw Trump fall 92 places to 248th, with his total wealth down $600m in comparison with previous year.

Alice Walton was the highest placed woman, with a net worth of $38.2 billion, ranking the heir to the Wal-Mart Stores fortune at 13 - the same position as past year.

A total of 169 billionaires were not rich enough to make the list.

There were 22 newcomers, including Netflix cofounder and CEO Reed Hastings. The cost of admission to the Forbes 400 list hit a record-high of $2 billion in 2017, up from $1.7 billion in 2015 and 2016.

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