Jeff Bezos richest, first $100 billion mogul; India third in number of billionaires: Forbes

SAN FRANCISCO: Amazon CEO Jeff Bezos has become the first $100 billion mogul to top Forbes' annual rankings of the world's richest people. But US President Donald Trump's fortune sank during his first year in office despite a surging stock market.

HIGHLIGHTS

• Amazon CEO Jeff Bezos has become the first $100 billion mogul to top Forbes' annual rankings as his wealth stood at $112 billion on February 9
• According to the list, India has 121 billionaires -- 19 more than last year -- making them the third largest group of the ultra-rich after those from the US (585) and China (373)

The Bezos milestone, revealed in Tuesday's release of Forbes' closely watched list , underscores the growing clout of both Bezos and the company that he founded in 1994 as an online bookstore. Forbes' breakdown provided further evidence that serving as president isn't the most lucrative job, even when most of the rich are getting richer.

According to the list, India has 121 billionaires -- 19 more than last year -- making them the third largest group of the ultra-rich after those from the US (585) and China (373). Mukesh Ambani, the energy and petrochemicals magnate, who keeps his standing as the richest Indian, is richer by $16.9 billion in 2018 with assets of $40.1 billion, according to the magazine's list released online on Tuesday.

He moved up to the 19th global rank on the list of 2,208 billionaires worldwide compiled by Forbes. In 2017, he ranked 33rd with $23.2 billion. The software entrepreneur Azim Premji moves to the second richest Indian spot in 2018, passing Lakshmi Mittal, the international steel tycoon, according to the magazine.

All told, the world now holds more than 2,200 billionaires with a combined fortune of $9.1 trillion, up 18 per cent from ago, according to Forbes' calculations.
Although Trump is part of that elite group, he saw his fortune sink by about $400 million to $3.1 billion during his first year in office. The decline left him as the world's 766th richest person, more than 200 places lower than his 544th spot on last year's Forbes list.

Bezos seized the top ranking for the first time and has the added the distinction of becoming the first person to break the $100 billion barrier since Forbes began compiling its list in 1987. As of February 9, Bezos' wealth stood at $112 billion, up from about $73 billion last year, according to Forbes.Most of Bezos' fortune is tied up in Amazon stock, which soared 59 per cent during the period tracked by Forbes.

Bill Gates, Microsoft's co-founder and an occasional bridge partner of Buffett's, ranks second on the Forbes list with wealth of $90 billion. Both Gates, 62, and Buffett, 87, have committed to giving away most of their wealth while Bezos, 54, hasn't said much about his philanthropic plans.

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. Forbes' list contains 259 newcomers, including the first-ever cryptocurrency billionaires. Falling fortunes or political headwinds, meanwhile, pushed 121 people out of the illustrious list, including all 10 Saudi Arabians, the magazine said.