Amazon's Jeff Bezos becomes first $100B mogul on Forbes list

Donald Trump has dropped down the rankings of the world's richest people

Amazon chief Jeff Bezos is now the world's richest person, having snatched the top spot from Microsoft founder Bill Gates who slips to second place, according to Forbes magazine's annual billionaires list published yesterday. His exploits in the list of the richest were announced on Tuesday as Forbes estimated the net worth of Amazon CEO at a whopping $112 billion.

Forbes estimated Trump's total fortune at $3.1 billion, far from the over $10 billion he once claimed, but still enough to make him the richest president in USA history.

According to Forbes, Bezos's wealth increased to $112 billion from about $73 billion past year due to Amazon's surging stock prices, 16% of which he owns.

Stocks dive late, snapping 10-month winning streak
Among the 100 largest companies in the S&P 500 , pain was even more pronounced, with losses approaching 1.8 percent. Benchmark U.S. crude rose 14 cents to $61.13 a barrel in electronic trading on the New York Mercantile Exchange.

Meanwhile, Gina Rinehart's four children - John Hancock, Bianca Rinehart, Ginia Rinehart and Hope Welker - have emerged on the 2018 list, ranked 1756 with $US1.3 billion.

The Bezos bump also pushed Warren Buffett down to No. 3.

Other honchos in the list included Zara's Amancio Ortega, Google's Larry Page and Sergey Brin, and Alibaba's Jack Ma.

China to lift 10 million people out of poverty by 2018
China's finance ministry says that the country's defense budget this year will rise 6 percent to 1.1 trillion yuan ($173 billion). Li also said China would keep its prudent monetary policy neutral , reaffirming authorities' position.

Forrest fell from 261 spot in 2017 when it was reported that he was worth $US5.7 billion.

Forbes' list contains 259 newcomers, including the first-ever cryptocurrency billionaires.

President Donald Trump's fortune is down almost half a million dollars since he assumed office previous year, according to a new list released Tuesday by Forbes magazine. "The president's polarizing personality is costing him business as well", the magazine said.

Britain sports icon Roger Bannister pass away aged 88
Steve Ford, chief executive of Parkinson's United Kingdom said: "We're very saddened to hear of the death of Sir Roger Bannister . By then Bannister was having trouble walking, let alone running, after revealing he was suffering from Parkinson's disease.

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