DUBAI: US President Donald Trump is the nation’s first billionaire president — but he’s not as rich as he used to be, according to the Forbes 2017 Billionaires List published Monday.
The magazine put his net worth at $3.5 billion, down $1 billion from the rankings it issued a year ago, according to CNN Money.
As a result, his position on the Forbes’ ranking dropped 220 spots, leaving him tied with 19 others as the 544th richest person in the world.
Forbes said that much of the decline in Trump’s net worth is due to softness in the midtown Manhattan real estate market.
Bill Gates has stayed the richest.
“Forty per cent of Donald Trump’s fortune is tied up in Trump Tower and eight buildings within one mile of it,” according to the magazine.
“What happens in that micromarket does more to affect the net worth of Donald Trump than anything else in the world. Lately, the neighborhood has been struggling (relatively speaking).”
The magazine also notes that he gave $66 million to his presidential campaign and paid $25 million to settle a lawsuit related to Trump University.
– By Sheena Amos