Trump slumps on Forbes billionaires list

Trump's fortune has dropped by $400m according to Forbes

One person with a local connection has made the Forbes annual list of the richest people in the world.

Microsoft founder Bill Gates dropped to No. 2 with $90 billion.

Two Chinese billionaires rose to be among the 20 richest people in the world: Ma Huateng, CEO of Chinese internet giant Tencent who is the richest person in Asia and number 17 in the world, and Alibaba founder Jack Ma. The group's wealth totals $9.1 trillion, up 18 percent since previous year, Forbes said Tuesday.

Mining mogul Gina Rinehart remains Australia's richest citizen with her iron ore wealth increasing from $US17.2 billion ($21.9 billion) to $US17.4 billion ($22.2 billion).

France's Bernard Arnault of luxury goods group LVMH is the richest person from outside of the USA with a $72bn fortune.

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".

'The Shape of Water' wins best picture Oscar
Gary Oldman, winning best actor for Darkest Hour , quipped, "I'm not going to get the ski" amid his rambling speech. It received a leading 13 nominations for this year's Oscars , and won four Oscars on Sunday night.

Sixty-seven percent of the 2018 list are self-made billionaires, and a record 255 women are included in this year's rankings.

Twelve out of the top 15 richest people are from the United States, with investor Warren Buffett in third place (with $84bn) and Facebook's Mark Zuckerberg in fifth ($71bn). His fortune is up from $US75.6bn a year earlier.

Despite Mr Trump's previously inaccurate claims he was worth more than $10 billion, Forbes said he is still the richest president in U.S. history.

The business tycoon, with $3.1 billion is now ranked 766th this year, down from a 544th ranking last year. (NASDAQ:FB) CEO now has a net worth of $71 billion thanks to his popular social media platforms.

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

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