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Trump's net worth dwindled to $3.5 billion, Forbes says

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03/20/2017 | 06:46pm CEST
FILE PHOTO: The Trump Tower logo is pictured in New York

NEW YORK (Reuters) - While Donald Trump's political fortunes were rising, his net worth was dropping to a mere $3.5 billion, or roughly a third of what he claimed during his successful campaign for the U.S. presidency, according to the latest Forbes list of the world's billionaires.

Trump tumbled more than 100 spots to No. 544 on the magazine's 31st annual list, largely because of the impact of the slumping New York real estate market on his holdings.

"Midtown Manhattan real estate is down; therefore, so is Donald Trump's fortune," the business magazine said in a statement.

The developer-turned-politician, who ranked No. 205 last year, fell further behind to Bill Gates, the list's perennial leader.

Gates, the philanthropic co-founder of Microsoft Corp (>> Microsoft Corporation), was followed this year by Berkshire Hathaway Inc (>> Berkshire Hathaway Inc.) Chairman Warren Buffett at No. 2 and Amazon.com Inc (>> Amazon.com, Inc.) founder Jeff Bezos at No. 3.

While Trump's net worth slipped, more people were qualifying for the list. This year Forbes ranked a record 2,043 billionaires.

"Booming stock markets, higher commodities prices and plain old-fashioned entrepreneurship helped make this a record year in terms of wealth creation around the globe," Forbes editors Luisa Kroll and Kerry Dolan said.

Trump's current $3.5 billion net worth compares with $3.7 billion in October, when Forbes published its list of the 400 wealthiest Americans and a month before his Election Day upset against Democrat Hillary Clinton.

While campaigning for the Republican presidential nomination in May, Trump's team filed a personal financial disclosure form that said his net worth was more than $10 billion.

Critics have said he has inflated the true value of his wealth, saying his tax returns would provide a more accurate snapshot of his financial status. But Trump has defied convention and refused to release his returns.

Neither the White House nor the Trump Organization, which Trump's sons have run since their father's inauguration, immediately responded to a request for comment on the Forbes list.

Gates maintained his No. 1 spot for the fourth year in a row, with his $86 billion fortune up from last year's $75 billion.

Buffett, the legendary value investor known as the "Oracle of Omaha," reclaimed the No. 2 berth after a two-year hiatus. His net worth surged to $75.6 billion from $60.8 billion.

Third place went to Bezos, who apparently was the biggest winner on the 2017 list. His wealth jumped to $72.8 billion, a gain of $27.6 billion from last year, Forbes said.

(Reporting by Barbara Goldberg; Editing by Frank McGurty and Lisa Von Ahn)

By Barbara Goldberg

Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY -0.31% 286699.9 Delayed Quote.-3.35%
MICROSOFT CORPORATION 0.00% 100.86 Delayed Quote.17.91%
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Financials ($)
Sales 2018 238 B
EBIT 2018 8 323 M
Net income 2018 6 210 M
Finance 2018 11 308 M
Yield 2018 -
P/E ratio 2018 140,49
P/E ratio 2019 89,53
EV / Sales 2018 3,47x
EV / Sales 2019 2,79x
Capitalization 836 B
Chart AMAZON.COM
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Amazon.com Technical Analysis Chart | AMZN | US0231351067 | 4-Traders
Technical analysis trends AMAZON.COM
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 49
Average target price 1 815 $
Spread / Average Target 4,6%
EPS Revisions
Managers
NameTitle
Jeffrey P. Bezos Chairman, President & Chief Executive Officer
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Patricia Q. Stonesifer Independent Director
Tom A. Alberg Independent Director
Thomas O. Ryder Lead Independent Director
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