President Donald Trump is among the world's billionaires that saw their personal net worth plummet over the past year as the raging COVID-19 pandemic destroyed the value of the business that is the source of their wealth.
Forbes on Wednesday released its 34th annual world's billionaires list that ranks the world's wealthiest individuals. Notable in this new list is a decline both in the number of billionaires and the total amount of money they own. Chalk this up to the wealth-destroying effects of the coronavirus.
Forbes said there are 2,095 billionaires in its 2020 ranking, down from 2,153 in 2019. The total combined net worth of these billionaires amount to $8 trillion compared to the $8.7 trillion in 2019.
Forbes said 267 people were erased from this year's list while a record 1,062 individuals saw a reduction in their fortunes due to the coronavirus pandemic.
"The world richest are not immune to the devastating impact of the coronavirus," said Kerry A. Dolan, Assistant Managing Editor of Wealth, Forbes. "The drop in the number of billionaires this year reflects the economic impact the pandemic is already having."
Topping the list of the world's wealthiest for the third straight year is the centi-billionaire founder and CEO of Amazon.com, Jeff Bezos, whose net worth plunged by $18 billion to $113 billion. Bezos was worth $131 billion in 2019. Forbes said Bezos' loss of wealth was due to his recent divorce and not the coronavirus.
Bill Gates remained the world's second-richest with a fortune of $98 billion, an increase of $1.5 billion from 2019. Frenchman Bernard Arnault of LVMH is now the third-wealthiest person in the world with his $90.3 billion (down $476 million). He displaced Warren Buffett, whose fortune dropped by $15 billion to $67.5 billion. Number five on the list is Larry Ellison, founder, chairman and Chief Technology Officer of Oracle Corporation. Ellison's wealth was reduced by $3.5 billion, sinking his fortune to $59 billion.
The year hasn't been a great one for Trump. A massive plunge in income from his New York City properties saw him plummet to 1,001st in the ranking from 715th in 2019. In money terms, Trump's new net worth is a mere $2.1 billion, or $1 billion lower than what it was in 2019.
Forbes said the core of Trump's fortune is tied-up in a half-dozen buildings in and around midtown Manhattan in New York City. Trump also owns golf courses and a winery and has licensed his name to companies around the world.
By comparison, former New York City mayor Mike Bloomberg, who made an unsuccessful run as the Democratic Party's nominee for president, is now worth $51.2 billion and ranks 16th on the list. Bloomberg has a Forbes philanthropic score of 5 making him among the world's most philanthropic billionaires. In contrast, Trump has a philanthropic score of 1, meaning he hardly gives away his money in philanthropy.
