Trump falls off Forbes list of America’s 400 richest people due to fraud case

According to Forbes, the 400 richest people in the United States saw their net worth increase by a combined $500 billion last year. While 18 newcomers appear on the outlet’s annual list for the first time, one of its most legendary members, former President Donald Trump, is conspicuously absent.

Trump, who stood trial in downtown Manhattan for inflating his net worth by billions in previous years to secure loans and financing, is now worth more than he did this year, Forbes said Tuesday as it released its annual ranking of America’s 400 richest people. The list fell short of the US$2.9 billion needed by US$300 million. The richest. This is the second time in three years that Trump has withdrawn from a club he coveted membership.

His net worth fell 19% from the previous year to $2.6 billion. Trump occupies a spot on the 2022 list with a net worth of $3.2 billion.

The indicted former president’s social media platform, Truth Social, is the biggest reason his net worth has dropped by $600 million since a year ago. According to Forbes, although 6.5 million users have signed up, the value of their 90% stake in the platform has dropped from $730 million to less than $100 million. The value of his office building dropped by $170 million.

Meanwhile, his billionaires have recovered a combined $500 billion lost in 2022, bringing their assets to $4.5 trillion. Forbes attributed the rebound to a rebound in stocks and a tech boom driven by artificial intelligence (AI). It’s clear that the tech bros reaped the lion’s share of the gains, with their collective net worth increasing by $300 billion in 2022.

Elon Musk once again tops the list, maintaining a net worth of $251 billion despite his Twitter-crushing and other financial and internet shenanigans. The Tesla founder and Twitter/X owner remains $90 billion ahead of Amazon founder Jeff Bezos, who is in second place with $161 billion, followed by the Oracle co-founder in third Larry Ellison ranks third with $158 billion.

Forbes said several new faces appeared on this year’s Forbes 400 list for the first time, including basketball superstar Michael Jordan, who was the first professional athlete to appear on the list. Josh Kushner is another big name to join the rankings. Jared Kushner, brother of Ivanka Trump’s husband Jared Kushner, has $3.6 billion in assets with his venture capital firm Thrive Capital , which has invested in startups such as Instagram, Spotify and Slack. WWE founder Vince McMahon is back on the list after falling off in 2020.

Despite being flush with assets and cash, America’s richest billionaires have given away less than 6% of their total net worth while amassing wealth along with philanthropy, according to Forbes. On a scale of 1 (less than 1% of wealth donated to charity) to 5 (more than 20% of wealth donated to charity), only 11 billionaires received a 5. They include Melinda French Gates, Bill Gates, Warren Buffett, MacKenzie Scott and George Soros.