Billionaire Businessman, Michael Bloomberg officially joins race for United States president

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Michael Bloomberg

Billionaire former New York Mayor Michael Bloomberg has officially announced he is standing to be the Democratic Party presidential nominee.

In a statement, the 77-year-old said he was standing “to defeat Donald Trump and rebuild America”.

He joins 17 other candidates vying for the Democratic nomination to take on Trump in 2020.

As things stand, former Vice President Joe Biden, Senators Elizabeth Warren and Bernie Sanders are the party’s front-runners.

He enters the race after months of debate over wealth inequality in the US, with Sanders and Ms Warren announcing plans for steep tax rises for billionaires.

Unveiling his tax proposals in September, Sanders said: Billionaires should not exist.