Trump Drops More Than 200 Spots in Forbes' Annual Billionaire List
- Author: Jack Replman Mar 21, 2017,
Mar 21, 2017, 0:40
Cook, 54, is among only three Hoosiers on the latest list.
The magazine put his net worth at $3.5 billion, down $1 billion from the rankings it issued a year ago.
Billionaire's across the globe saw their net worth jump by 18% to $7.7trn (£6.2trn) over the past year, according to Forbes 2017 billionaires list.
Indiana's richest man got much wealthier over the past year, according to calculations released Monday by Forbes magazine. He ranks No. 544 on the list, with a net worth $3.5 billion.
Forbes says it calculates the wealth of the listed billionaires by using stock prices and exchange rates to calculate their net worth as of February 17, 2017.
Bill Gates, with an estimated $86 billion fortune, topped the list for the 18th time in the past 23 years. Those with local ties included Medford native and former New York Mayor Michael Bloomberg ($47.5 billion net worth, 10th place), Dorchester native and casino magnate Sheldon Adelson ($30.4 billion, 20th), and Boston Latin School alum and former Viacom Chairman Sumner Redstone ($5.4 billion, 288th).
Facebook's co-founder and CEO Mark Zuckerberg, took the fifth spot with a net worth of $56 billion.
Also on the list are 15 new self-made women, all but one of whom are from Asia-Pacific, Forbes said.
The magazine attributes Trump's drop to flagging real estate values in midtown Manhattan. "In some cases, siblings and couples are listed together if the ownership breakdown among them isn't clear; however, they still must be worth on average a minimum of $1 billion apiece to make the cut", Forbes said in its statement. "What happens in that micromarket does more to affect the net worth of Donald Trump than anything else in the world".
In terms of Boston companies, Fidelity Investments CEO Abigail Johnson placed 75th with a net worth of $14.4 billion, outranking her father, former longtime Fidelity CEO Edward C. Johnson III ($7.8 billion, 173rd).
China was second with 319 billionaires, and Germany was third with 114.