Bill Gates again world's richest man; Trump slips

Five Austin Area Magnates Make Forbes Richest People List

Five Austin Area Magnates Make Forbes Richest People List

Microsoft co-founder Bill Gates once again topped the Forbes magazine list of the world's more than 2,000 billionaires, while US President Donald Trump slipped more than 200 spots, the magazine said Monday.

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. "Gainers since last year's list outnumbered losers by more than three to one".

Also on the list is veteran banker Wee Cho Yaw, who has a net worth of US$5 billion, as well as Hong Leong Group chairman Kwek Leng Beng, with a net worth of US$2.7 billion.

Gates' $86 billion in wealth tops 2,043 other billionaires - a number that jumped 13 percent from 1,810 past year.

Trump hasn't released his tax returns, but during the election campaign he claimed to be worth in excess of $10 billion. Breaking up the numbers, 1,371 members of the list were self-made billionaires; 238 inherited their wealth; while another 434 inherited at least a portion but are still growing it.

Following Sy in the list is JG Summit founder, John Gokongwei Jr. whose ranking went up to 250 from last year's 270.

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Southeast Asia was home to the most billionaires at 720, Forbes said.

The American president was ranked at number 544 on the magazine's annual rich list, with a net worth of around $3.5bn.

Donald Trump may have won the top political job in the United States, taking the presidency in a hard-fought struggle against Hillary Clinton, but the people at Forbes magazine say Trump's financial status hasn't fared as well. And unlike Trump, Gates says his goal is to give every last dollar of that away to charitable causes through the Bill and Melinda Gates Foundation.

Michael Bloomberg came in 10th with a net worth of $47.5 billion.

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. It was followed by 319 in China, 114 in Germany and 101 in India. "Since Trump owns so many buildings in such a small area - including Trump Tower, Trump International Hotel and Tower, NikeTown and 1290 Avenue of the Americas -the softening of the market has impacted his net worth more than anything else over the a year ago".

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