Economy

Combined net worth of America's richest rises to $2.7 trillion

"A tough NY real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of the 45th president", Forbes wrote. This has sent the U.S president sliding down the property ladder by nearly 100 places in its latest ranking of the wealthiest 400 Americans.

Trump fell to No. 248 on the Forbes list as his wealth is down $600 million to a net worth of $3.1 billion due to a weakening in the New York City retail and office real estate market as well as new information. We also learned about some debt they pulled down on [the Trump International Hotel].

"His net worth now stands at $3.1 billion". Amazon's Jeff Bezos, worth $81.5 billion, retains the No. 2 spot for the second consecutive year.

The White House did not immediately respond to a request for comment on the Forbes ranking. The other billionaires that constitute the top five in this list include Berkshire Hathaway's Warren Buffett ($78 billion), Facebook founder Mark Zuckerberg ($71 billion) and Oracle's Larry Ellison ($59 billion). Rounding out the top 5 is Larry Ellison (No. 5), worth $59 billion, up $9.7 billion from previous year.

But overall the richest Americans are richer than they were a year ago.

Forbes said those on its 36th annual list of the 400 wealthiest Americans have a record-breaking, combined total net worth of US$2.7 trillion, up from US$2.4 trillion in 2016.

There were 169 billionaires who did not make the list. These include Reed Hastings of Netflix, and Bert "Tito" Beveridge of Tito's Handmade Vodka.

According to Forbes, it now requires $2 billion to make the list, a almost 18 percent jump from previous year.



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