Trump tumbles down more than 200 places in Forbes' richest list

WION Web Team
New Delhi, Delhi, India Published: Mar 07, 2018, 03:00 AM(IST)

File photo of Donald Trump. Photograph:( AFP )

US President Donald Trump has tumbled down more than 200 places in the world's billionaire rankings after losing around $400 million in his net worth from last year.

The businessman who is now worth US $3.1 million is now ranked at 766 this year, down from 554 in 2017. 

Also see: Forbes rich list: Amazon's Jeff Bezos is richest man, Mukesh Ambani ranked 19th

The magazine said the drop was partially due to a fall in the value of central New York property values and falling revenues at his golf courses.

According to reports, Trump Tower, the President's New York home, lost an estimated $41 million in value last year.

The value of Trump’s hotel licensing and management company dropped an estimated $50 million in the last year, as the power of the Trump brand seems to be fading in markets like Toronto and New York, where investors have removed the president’s name from hotels. 

Trump also shelled out $25 million in settling lawsuits that alleged his Trump University real estate courses defrauded students.

The estimate is well below Trump’s claim during the election campaign in 2015 that his net worth was “in excess of ten billion dollars”. 

Trump is the first billionaire president who stepped away from his businesses when he entered the White House, handing control to his two eldest sons, Don Jr. and Eric. 

Also read: Pornstar Stormy Daniels files lawsuit against Trump over 'hush agreement'

Top of the list is the founder and boss of online giant Amazon, Jeff Bezos. Bezos' fortune has leapt to $112bn from an estimated $39.2bn last year.

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