Kenneth Feld only local on Forbes' 2018 list


Meanwhile, Trump, who became the first billionaire president in history past year, dropped to No. 766 on the list, with a $3.1 billion net worth.

Meanwhile, a new name sits at the top as Amazon chieftain Jeff Bezos toppled longtime No. 1 Bill Gates. Forbes said that jump amounts to the biggest one-year gain ever.

Mr Trump, the first billionaire president, stepped away from his businesses when he entered the White House, handing control to his two eldest sons, Don Jr. and Eric.

The richest person in Europe and fourth on the list is the boss of luxury goods firm LVMH, Bernard Arnault, who has a fortune of $US72bn. His wealth has grown by over 8 billion dollars.

The Forbes 2018 Billionaires List is out - and it's bad news for President Trump.

The list is published in Forbes's latest edition under the headline "The super-rich continue to get richer, widening the gap between them and everyone else".

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Supreme Court denied the administration's unusual request to intervene, which would have leapfrogged the appeals court. Democrats even caused a government shutdown over the issue in January, but no legislation has been enacted.

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According to the magazine's wealth estimate, based on the values of his various property holdings, among other indicators, Trump has lost around $400 million throughout the past year, putting his fortune at a paltry $3.1 billion.

The business tycoon, with $3.1 billion is now ranked 766th this year, down from a 544th ranking last year.

Amancio Ortega - This 81-year-old owner of fashion retailer Zara has a total net worth of $70 billion and lives in Spain.

The magazine attributed Trump's decline in wealth to "a tough NY real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign".

Chinese entrepreneur Zhou Qunfei is the richest self-made woman on the list with a net worth of $7.8 billion.

Trump also shelled out $25 million in settling lawsuits that alleged his Trump University real estate courses defrauded students.