Friday 26 May 2017

Gates tops 'Forbes' rich list as president loses $200m

Microsoft founder Bill Gates was named richest man in the world for the fourth year in a row. Photo: Christof Stache/Getty
Microsoft founder Bill Gates was named richest man in the world for the fourth year in a row. Photo: Christof Stache/Getty

James Rothwell and Ryan Nugent

Donald Trump's fortune has fallen by an estimated $200m (€186m) since he took office, according to 'Forbes' magazine, plunging him more than 200 rungs down the worldwide wealth rankings.

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

The magazine said that falling house prices in Manhattan, where Mr Trump's former campaign headquarters at Trump Towers is situated, had eaten away at the president's fortunes.

Mr Trump also spent millions of dollars on his campaign, which he claims to have self-funded, though this is fiercely disputed.

"Although Donald Trump's name is plastered on buildings all around the world, his core assets are still located in a small part of New York City," said Dan Alexander, an associate editor at Forbes Media.

"Profits are down at Trump Towers, and the overall neighbourhood surrounding has been struggling over the last year. 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 last year."

For the fourth time in a row, Bill Gates was named as the richest man in the world, with an estimated fortune of $86bn, while Warren Buffett came in at second place with a net worth of $75.6bn.

Meanwhile, betting giant Paddy Power has launched a search for a head of betting for everything Trump-related.

The company is known for its canny marketing and now claims it wants to "make American politics great again". Indeed, the job advertisement says that "substantial experience with fake tan" would be a very beneficial asset for the new role. The Dublin-based company is also claiming that the successful applicant must be capable of detecting fake news. And they must be aware of the national security situation in Sweden.

"Following the huge demand on the back of the 2016 US presidential elections, we are looking for a Head of Trump Betting to manage our newly launched 'hub' of specials around the president."

It also pokes fun at Mr Trump's immigration policy.

"With more than 100 special bets online, the successful candidate will monitor and manage existing Trump markets while devising new specials."

Irish Independent

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