Donald Trump's ranking on the Forbes list of ‘The World's Billionaires’ dropped 200 places, after $400 million was wiped out of his wealth, The Telegraph reported.
The US president, who was ranked 544th on the list in 2017, dropping 200 ranks to 766th on the list of the richest people in the world.
Amazon chief executive officer (CEO) Jeff Bezos topped the list, becoming the first $100-billion mogul to top Forbes' annual rankings of the world's richest people, at $112 billion. But President Donald Trump's fortune sank during his first year in office as president, despite a surging stock market.
Trump's Value Less Than 2.7 Percent That of Bezos
All told, the world now holds more than 2,200 billionaires with a combined fortune of $9.1 trillion, up 18 percent from last year, according to Forbes' calculations.
Although Trump is part of that elite group, the $400 million drop in his funds brings him to $3.1 billion, less than 2.7 percent that of Bezos.
Most of Bezos' fortune is tied up in Amazon stock, which soared 59 percent during the period tracked by Forbes.
Bezos has used a sliver of his wealth to buy The Washington Post — a target in Trump's fusillades against the media — and to finance Blue Origin, a maker of rockets that aims to sell flights into space.
Does President Trump Cost Brand Trump Money?
Trump's estimated $3.1 billion net worth falls well below his claims during the 2015 election campaign that his personal wealth was "in excess of ten billion dollars."
The Telegraph reported that the drop in Trump’s fortune could likely be chalked up to a fall in the value of Trump’s retail property, and a backlash to brand ‘Trump’ in some quarters, Forbes added.
Trump inherited a chunk of his wealth from father Fred, whose work primarily centred on developing low-cost housing in Brooklyn and Queens. Donald Trump's present fortune largely comes from buildings in New York, golf courses, companies around the world working under his licensed name, and a winery.
Meanwhile, Amazon has expanded beyond its bookselling origin to become a retailer of almost everything imaginable . It now even sells groceries in brick-and-mortar stores after its $13.7 billion purchase of Whole Foods Markets last year.
Amazon also has built a network of data centers that hosts the online services of other companies, and produces award-winning shows that compete against traditional TV networks. More recently, Amazon also branched into healthcare in a partnership involving Berkshire Hathaway and its CEO, Warren Buffett, whose $84 billion fortune ranks third on the Forbes list.
On the other hand, Trump Tower, The Trump's most famous building, dropping in value by $41 million in the last year. Additionally, sports giant Nike announced that it would move out of Trump’s property, which means that the 65,000-square-foot building would need a new occupant.
(With inputs from AP and The Telegraph)
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