Gates still richest American; Trump poorer by $800 M

MANILA, Philippines – Microsoft founder Bill Gates is still the richest person in America, for the 23rd consecutive year now, with a net worth of $81 billion, according to Forbes’ 2016 list of the 400 richest people in the US.

US presidential candidate Donald Trump, on the other hand, fell 35 spots to No. 156 or down by $800 million, with a net worth of $3.7 billion, way below the $10 billion that Trump claims he is worth.

Forbes attributed Trump’s fall to a decrease in New York real estate prices.

The minimum net worth needed to make the Forbes list this year remains at $1.7 billion, unchanged from 2015.

America’s 400 richest people have a combined total net worth of $2.4 trillion, up from $2.34 trillion in 2015, according to Forbes.

Highlighting the 2016 list is the success of immigrants and the thriving American dream.

The average net worth of a Forbes 400 member hit $6 billion, also a record high, up from $5.8 billion last year.

Amazon’s Jeff Bezos, meanwhile, rose to No. 2 spot, dislodging Berkshire Hathaway’s Warren Buffet who held second for 15 years.

“Despite a fortune of $65.5 billion and being up $3.5 billion from 2015, Warren Buffett surrenders the runner-up spot that he has held for 15 years to Amazon’s Jeff Bezos, worth $67 billion. Bezos is the biggest gainer on the list; his fortune is up $20 billion from 2015, attributable to Amazon shares surging 56 percent,” Forbes said.

Facebook’s Mark Zuckerberg made it to the top five for the first time (No. 4), with a net worth of $55.5 billion.

Rounding out the top 5 is Oracle’s Larry Ellison (No. 5), worth $49.3 billion, up $1.8 billion from last year.

He dropped from number 3 for the first time since 2007.

Forbes said the 2016 list saw a record number of members born outside the US.