President Donald Trump's net worth took a major hit over the past year, falling by a whopping $600 million according to Forbes list of the 400 richest Americans.
The 71-year-old is now worth $3.1 billion, making him 248th on the roster, down 92 spots from the 156th place he held just a year ago. The magazine attributes this drop to "a tough New York real estate market, particularly for retail locations" and "a costly lawsuit and an expensive presidential campaign."
Trump is featured on the cover of Forbes' "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. Holding the No. 1 spot for the 24th year in a row is Microsoft co-founder Bill Gates with a net worth of $89 billion. Amazon owner Jeff Bezos, worth $81.5 billion, remained at No. 2 for the second consecutive year.
Warren Buffett, who prior to 2016 held the No. 2 spot for 15 consecutive years, is now No. 3 for the second year in a row with a net worth of $80.6 billion. Mark Zuckerberg was the biggest gainer in terms of dollars; his $15.5 billion increase put his net worth at $71 billion, but he remains at the No. 4 spot. Larry Ellison, co-founder of the Oracle Corporation, rounds out the top 5 with a net worth of $59 billion.
“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.
Source: nydailynews.com
