Trump's wealth down by $600 million, drops 92 spots on Forbes list
US President Donald Trump gives a speech on tax reform at the Heritage Foundation's President's Club Meeting at a hotel in Washington, DC, on Tuesday. AFP photo
US President Donald Trump's net worth has slid by $600 m to $3.1b, the Forbes list of the 400 richest Americans showed Tuesday.
Trump ranks 248 on the billionaires list this year, dropping 92 spots after coming at 156 last year. The president is now tied with 27-year-old Snap co-founder and CEO Evan Spiegel, the youngest person on the list.
The magazine attributed Trump's decline to "a tough New York real estate market, particularly for retail locations; a costly lawsuit; and an expensive presidential campaign."
Microsoft co-founder Bill Gates topped the list for a 24th consecutive year with a net worth estimated at $89b.Amazon founder and CEO Jeff Bezos, worth $81.5b, holds on to the second spot, followed by Warren Buffett and Facebook's Mark Zuckerberg.
According to Forbes, the combined net worth of the 400 billionaires totalled a record-breaking 2.7 trillion dollars, up from 2.4 trillion dollars in 2016. It also takes a record $2b to enter the list, a nearly 18 percent rise from last year.
