Donald Trump’s net worth has plummeted by a whopping $600 million to $3.1 billion, according to the Forbes list of the 400 richest Americans.
The 71-year-old billionaire-in-chief is now 248th on the roster — down 92 spots from 156 a year ago.
The magazine chalks up the drop to “a tough New York real estate market, particularly for retail locations” and “a costly lawsuit and an expensive presidential campaign.”
Forbes features Trump on the cover of its special “400 richest people in America” issue. The publication notes that the core of Trump’s “fortune is tied up in a half-dozen buildings in and around midtown Manhattan in New York City, where luxury real estate values have fallen recently.”
“Trump also owns golf courses and a winery and has licensed his name to companies around the world,” the publication added.
While Trump’s fortune fell, Bill Gates rocked steady at the top spot for the 24th year in a row. Amazon owner Jeff Bezos stayed at number 2. Warren Buffett and Facebook founder Mark Zuckerberg held their respective third and fourth slots.
“America’s richest are richer than ever. The minimum net worth to make the Forbes list of 400 wealthiest Americans is now a record $2 billion,” editors said.
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