However, overall it has been a good 12 months for the worlds wealthiest individuals, with a record 233 moving into the billionaire bracket, taking the global number of people with nine-zero fortunes to 2,043 the most in the 31-year history of the list.
The billionaires in Forbes list are worth a combined $7.67tn (6.18tn) more than three times the UKs annual gross domestic product (GDP).
Kerry Dolan, co-editor of the Forbes billionaires list, published on Monday, said the gains are mostly the result of booming stock markets and the rising price of oil over the past 12 months.
Global markets have hit record highs due to the so-called Trump bump following Trumps election, with the Dow Jones soaring above 20,000 points for the first time and the UKs FTSE 100 closing at a record 7,415 points last week.
The fall in Trumps net worth is due to a drop in the value of office space in Midtown Manhattan, where the president owns about 10 buildings. Forbes said Trump had fallen from the worlds 324th-richest person to 544th.
Forty percent of Donald Trumps fortune is tied up in Trump Tower and eight buildings within one mile of it, Forbes said. Lately, the neighbourhood has been struggling (relatively speaking).
Trump has refused to publish his tax returns to show the true scale of his wealth, but during the campaign he claimed he was worth in excess of $10bn.
Dolan said that in previous years the real estate tycoon had challenged Forbes for underestimating his fortune. We contact everyone we can to give them the opportunity for feedback. Over the last 31 years we have been compiling this list Trump has given us a lot of feedback, believe me, You guys are too low I am worth far more than you say, she said. He didnt call back to dispute our estimate. I would hope that running the country is more important to him right now than Forbess value of his net worth.
The richest person in the world remains Microsoft founder Bill Gates, who saw his fortune grow by $11bn to $86bn. He is followed by investor Warren Buffett, and Amazon founder Jeff Bezos, who was this years biggest gainer with a $27.6bn increase in his fortune to $72.8bn.
The US accounts for the biggest population of billionaires with 565, up 25 on last year. But China is catching up with 319 billionaires, and a further 68 if Hong Kong and Macau are included. Germany is third with 114 billionaires.
The number of UK billionaires increased from 50 to 54, with new entrants including Philip Day, the man behind Edinburgh Woollen Mill, and Simon Nixon, the co-founder of moneysupermarket.com.
The richest people in the UK are the Hinduja family, who control a conglomerate of businesses including cars and banks and are worth $15.4bn. Property and internet investors David and Simon Reuben come second with a $15.3bn fortune. The third richest, and among the biggest gainer, is Jim Ratcliffe the founder and chairman of chemicals group Ineos.
Sir Philip Green and his wife, Tina, the owners of Arcadia, which owns Topshop and once owned BHS, also lost just over $1bn, with their fortune slumping to $4.8bn. They fell more than 100 places to 339th.
Oxfam said the creation of so many new billionaires in one year was a sign of economic sickness rather than health.
Our warped economic model leads to more unequal societies that trap millions of people in poverty – it allows an elite group to accrue extreme wealth while one in nine people go to bed hungry every night, Max Lawson, Oxfams head of inequality policy, said. We need to build a more human economy where the super-rich pay their fair share of tax, workers earn a living wage, and governments invest in decent healthcare and education to give everyone a good start in life.
The number of women on the list increased to 227, from 202 in 2016. A record 56 of the women are self-made billionaires the highest ever. All but one of the 15 newly self-made female billionaires came from the Asia-Pacfic region, including Vietnams first self-made female billionaire Nguyen Thi Phuong Thao who took her budget airline VietJet Air public last month.
Yoshiko Shinohara, who started her temp agency in her one-bedroom Tokyo apartment, became Japans first self-made female billionaire. She enters the list due to a 50% surge in the stock price of her company Temp Holdings, which is designed to get more women into the workforce.
The richest woman on the list is Frances Liliane Bettencourt, who inherited a stake in LOreal from her father. Shes worth $39.5bn.
There are just 10 black people on the list, a drop of two from last year. The richest black person is Nigerian cement tycoon Aliko Dangote with an estimated fortune of $12.2bn. There are only three black women on the list, including Oprah Winfrey who has a $3bn fortune.
Premieres from Terrence Malick and Edgar Wright will pull in the crowds, but theres an impressive list of talks, TV showcases and music to investigate
This year, South by Southwest (SXSW) has had to weather a storm in the buildup to the annual week-long festival in Austin. Artist outrage and an open letter concerning a clause in contracts that seemed to suggest collusion between organizers and immigration officials has seen the festival promise to make a change for 2018. It has overshadowed a year that looks like one of the strongest yet, with the film element snagging premieres from the likes of Terrence Malick and Edgar Wright, and a list of featured speakers that offers looks into the topical issues of surveillance and virtual reality. The TV coverage continues to become an increasingly important part of the festival, with first looks at the highly anticipated Neil Gaiman adaptation American Gods and the film to TV transformation of Dear White People. Music is its usual sprawling mix of on-site showcases and offerings off the beaten path. Heres our pick of the must-see moments this year.
President-elect mistakenly retweets praise for a Brighton council worker with the same first name as his daughter, leading to Twitter storm
A woman from Brighton is waking up to chaos on Twitter after having been singled out by Donald Trump as his daughter.
The president-elect quoted a praiseworthy tweet directed to him by Lawrence Goodstein, a Twitter user in Seekonk in Massachusetts, that described his daughter Ivanka as a woman with real character and class late on Monday.
But Goodstein had mistakenly put @Ivanka, not @IvankaTrump not a significant mistake in light of Goodsteins 160-odd followers; of far greater consequence circulated by Trump to his 20.1m.
So Trumps shout-out was instead directed to Ivanka Majic, a council worker from Brighton, England, with just over 2,800 followers.
Ivanka Majic from Brighton, England, is a wonderful woman. Youre right, replied Mark Pygas, a writer for Distractify, to Trump and Goodstein. RIP her mentions though.
I mean, shes probably trying to sleep and her phone is going off the hook but its a hell of a story. (According to a subsequent screenshot tweeted by Pygas, Goodstein blocked him for pointing out the error and made his account private.)
Trump had not deleted his tweet nor acknowledged his mistake at time of writing, though Goodstein made his account private.
It had been retweeted 2,800 times and favourited 15,000 times, with more than 4,600 replies the vast majority of them including Majic.
The Guardian has attempted to contact Majic, believed to be employed as a researcher at the Brighton and Hove City Council.
Her profile suggests she is not as active a user of Twitter as the president-elect, with just six tweets most of them retweets in the past week.
Her last activity on Twitter was a retweet encouraging votes in Brightons upcoming restaurant competition and another publicising another residents appeal for return of her lost house keys.
On Saturday Majic had tweeted a link to a news story in The Argus about Brightons thriving food scene: Made the local paper. Fame at last!
Meanwhile, Ivanka Trump seemed oblivious to the compliment paid to her by the Twitter user Goodstein and co-signed by her father, sharing a photo of #datenight with her 2.74m followers.
At 9:00 P.M. @CNN, of all places, is doing a Special Report on my daughter, Ivanka. Considering it is CNN, cant imagine it will be great!
As president, Donald Trump will have the option of taking over the official @POTUS handle or maintaining his own, @realDonaldTrump. With 20.1m followers hanging on his every missive compared to @POTUSs 13.5m, Trump himself has given no indication he will make the switch.
Sean Spicer, the incoming White House press secretary, told CNN earlier in January that Trump would probably be tweeting from both, or whatever he chooses.
Last week BuzzFeed News publicised concerns that Trumps shockingly insecure personal Twitter account had no known special security protections and was open to being exploited with potentially devastating impacts for the stock market and geopolitical stability.
It would not be the first time Trumps account has been hacked before: in 2013, when he was best-known as a real estate tycoon and host of The Apprentice, someone reportedly gained access to his account to tweet Lil Wayne lyrics (These hoes think they classy, well thats the class Im skippen, from the remix of will.i.am and Britney Spears Scream & Shout).
My Twitter has been seriously hacked— and we are looking for the perpetrators, said Trump at the time.
From a bonanza of free airtime to an overt media campaign against him, Donald Trump was a candidate covered like no other. But were journalists unwitting accomplices in his election? And where does the industry go from here?
The 2016 presidential election took a heavy toll on the vast army of journalists assigned to cover it, grinding down shoe leather, fingertips and nerve-endings in equal measure. But for one reporter, Daniel Dale of the Toronto Star, the race for the White House was singularly burdensome, turning him into a night owl.
At the end of each long day on the campaign trail, he would take a deep breath and launch into his second job: fact-checking the lies of Donald Trump. The work would begin late, often at 2am, when all was quiet and he could sink himself undisturbed into a hot bath of outrageous falsehood.
The supposed exposure of the much-feted novelists true identity has caused a lot of outrage this week. From Jane Austen to Banksy, countless artists have tried to stay in the shadows, but it only makes people want to know more
Some all-too-anonymous writers will look at this weeks exposure of the millionaire literary superstar Elena Ferrante and find that sympathy does not come out of them without a fight. Others will see a private artists freedom ruined for ever and weep for her. For writers, thats the trouble with being anonymous. It is difficult to be the right amount.
To bring you up to speed: Elena Ferrante is the nom de plume of an Italian writer (or at least a writer of Italian) whose true identity has been a mystery since her (or his) first novel, Troubling Love, was published in 1991. Until recently the mystery was confined to Italy, where various writers, translators and publishers have been proposed as possible Ferrantes. In the past three years, however, she has become a mythic figure all over the world following the success her Neapolitan novels, about two clever women who grow up poor in postwar Naples.
Then, last Sunday, the Italian investigative journalist Claudio Gatti published a new theory. By studying public real estate records, he found that a couple connected to Ferrantes Italian publisher, Edizione E/O, had bought an expensive apartment in Rome in 2000, then another one this summer. Gatti also has documents from an anonymous source that he says show inexplicably large payments from the publisher to one member of the couple, more or less at the time you would expect Ferrante to be getting her big international royalties, and more or less in the right proportions as her sales increased. No one so far has seriously suggested he is wrong. No one likes him, either.
Writer says New York Observer owner Jared Kushner should do something to break up what she calls a culture of antisemitic hatred surrounding Trump
A Jewish employee of a newspaper owned by Jared Kushner, Donald Trumps son-in-law, has written an open letter to Kushner accusing him of tacit approval for a culture of antisemitic hatred surrounding Trump and challenging Kushner to do something to break it up.
Schwartz writes that she became a target of antisemitic hate speech after she took issue with a Trump tweet posted Saturday that included an image that House speaker Paul Ryan on Tuesday called antisemitic. Schwartz challenges Kushner as a fellow Jewish member of the media to face what is happening in the barely concealed underbelly of his father-in-laws campaign.
Im asking you, not as a gotcha journalist or as a liberal but as a human being: how do you allow this? writes Schwartz:
Because, Mr. Kushner, you are allowing this. […] But when you stand silent and smiling in the background, his Jewish son-in-law, youre giving his most hateful supporters tacit approval. Because maybe Donald Trump isnt anti-Semitic. To be perfectly honest, I dont think he is. But I know many of his supporters are, and they believe for whatever reason that Trump is the candidate for them.
Trumps eldest daughter, Ivanka Trump, converted to Judaism to marry Kushner in 2009. Kushner has played an increasingly high-profile role in Trumps campaign, participating at a high level in the decision last month to fire campaign manager Corey Lewandowski among other decisions.
The controversy sprouted when Trump tweeted an image of Clinton with a rain of cash behind her and the words most corrupt candidate ever appeared inside a six-pointed star. A short time later, the tweet was deleted and reposted with a circle replacing the star.
Though the original image was deleted, Trump did not apologize for it, or admit that it was derogatory, instead claiming that the star was a sheriffs star, or plain star.
Trump campaigns social media director Dan Scavino also tried his hand at cleaning up the mess, saying that he had lifted the image from an online source but it wasnt hate speech and he would never offend anyone. ( The image in Trumps original tweet was traced by Mic to a white supremacist message board.)
The explanations, wrote Schwartz in her public letter, were inane and condescending.
Look at that image and tell me, honestly, that you just saw a Sheriffs star, writes Schwartz. I didnt see a sheriff star, Mr. Kushner, and Im a smart person. After all, I work for your paper.
The worst people in this country saw your father-in-laws message and took it as they saw fit. And yet Donald Trump in his response chose not to condemn them, the anti-Semites who, by his argument were obviously misinterpreting the image, but the media.
In the letter, Schwartz shares screen grabs of antisemitic hate speech that confronted her after she objected to the image online. They referred to ovens, invited Schwartz to kill herself, used images of Anne Frank and other Jewish caricatures.
Schwartz notes that Trumps campaign has a way of attracting hateful individuals, and challenges Kushner to imagine his own family as the target:
Mr. Kushner, I invite you to look through all of those images in the slideshow above, the vast majority sent in your father-in-laws name. Right now, this hate is directed to one of your employees, but the message applies equally to your wife and daughter.
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