Economy

Amazon chief tops Forbes' US richest list for third year

NEW YORK • Amazon chief executive Jeff Bezos topped Forbes’ list of richest Americans for the third year in a row, while United States President Donald Trump’s ranking dropped as the coronavirus pandemic slammed his office buildings, hotels and resorts, the magazine said on Tuesday.

The aggregate wealth of the Forbes 400 list rose to a record US$3.2 trillion (S$4.4 trillion), as the richest Americans continued to do well even though the pandemic has devastated the economy, which is short of about 11 million jobs compared with where it was in February.

Mr Eric Yuan, chief executive of Zoom Video Communications, which has become ubiquitous in the work-from-home era, was one of 18 newcomers on the list, with a net worth of US$11 billion.

Mr Trump’s ranking dropped to No. 352 from No. 275 last year, and his net worth fell to US$2.5 billion from US$3.1 billion, as office buildings, hotels and resorts have suffered during the pandemic. His Trump Organisation owns property in all three categories.

Mr Trump has long refused to release his tax records.

The annual list can serve as a way to track the wealthiest people in the country who hold the most power, said Ms Kerry Dolan, assistant managing editor of wealth at Forbes, in an interview with Reuters TV.

“As a society, we all should know who is behind the biggest companies and what they’re doing with their money,” she added.

REUTERS

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