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Trump's fortune drops $1B since a year ago, Forbes says

Trump's fortune drops $1B since a year ago, Forbes says”

The total combined net worth of this year's billionaires is $7.67 trillion, up from $6.48 trillion last year.

Coming in at 17th on the CT list and 1,940th on the global list is William Macaulay of Greenwich, with a net worth of $1 billion.

Second on Connecticut's list is Steven Cohen, founder of Point72 Asset Management and S.A.C.

The number of United States billionaires on the list was 565, which Forbes attributed to the recent stock market surge since Mr Trump's November 2016 election.

Facebook founder Mark Zuckerberg moved up to number five for the first time, after his fortune rose $11.4 billion in 12 months.

Hart - a tow-truck driver turned investor - is worth US$9.5 ($NZ13.5b), and climbed the ranks from being the world's 178th richest person a year ago. Those with local ties included Medford native and former New York Mayor Michael Bloomberg ($47.5 billion net worth, 10th place), Dorchester native and casino magnate Sheldon Adelson ($30.4 billion, 20th), and Boston Latin School alum and former Viacom Chairman Sumner Redstone ($5.4 billion, 288th). His latest ranking reflects a dip of about $1 billion, by Forbes' reckoning.

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The list, published Monday, tracked the mind-boggling fortunes of the world's elite and assesses the overall financial trends of the world's richest people. It acknowledges some fortunes may have changed considerably even since then and that sorting out one's net worth is more complex when it is tied to a family fortune.

This puts him more than 200 spots below where he ranked past year, with an estimated wealth of $3.5bn. Last year, he ranked No. 7.

Rather, Trump's net worth is down because about 40 percent of his wealth comes from real estate he owns in midtown Manhattan, including Trump Tower and eight other buildings within about a mile.

For the full list, visit Forbes. Forbes ranks Trump as the world's 544th richest person, after coming in at No. 324 past year. His net worth surged to $75.6 billion from $60.8 billion.

Last year's second richest person in the world, Spanish clothing chain Zara owner Amancio Ortega fell to forth place, despite gaining $4.3bn to his fortune this year.



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