Agency Report
Former U.S. President Donald Trump was not included in the annual Forbes 400 ranking of the wealthiest Americans.
Forbes said Mr Trump is now worth an estimated $2.5 billion, leaving him $400 million short of the cutoff to make this year’s 400 list.
This is contained in a message on Forbes’ verified Instagram page on Tuesday night.
Forbes said the real estate mogul was just as wealthy as he was a year ago when he stood at number 339 on the ranking but down $600 million since the start of the pandemic.
It reported that technology stocks, cryptocurrencies and other assets have thrived in the COVID era.
But big-city properties which make up the bulk of Mr Trump’s fortune had languished, knocking the former president out of the nation’s most exclusive club.
“The market’s wild swings and stunning rise since the early days of the COVID-19 pandemic had made many millennials avid investors, and nobody had benefited more from their obsession with meme stocks and cryptomania than a few of their young peers,” it reported.
In all, 15 members of The Forbes400 are under 40, up from 12 in 2020, with six appearing on the list for the first time.
The 15 include 29-year-old Sam Bankman-Fried has amassed an astonishing $22.5 billion via his FTX, the cryptocurrency exchange.
Rival exchange Coinbase’s co-founders Brian Armstrong (38)’s wealth stands at $11.5 billion and Fred Ehrsam (33) at $3.5 billion; Robinhood Markets’ 37-year-old co-founder Baiju Bhatt at $2.9 billion.
Mark Zuckerberg (37), by far the wealthiest person in the group, has a $134.5 billion fortune.
Forbes is owned by Integrated Whale Media Investments and the Forbes family, and it features original articles on finance, industry, investing, and marketing topics.
It also reports on related subjects such as technology, communications, science, politics, and law.
(NAN)
