Trump's wealth down $600mn, drops 92 spots in Forbes list

Washington, Oct 17
US President Donald Trump's net worth has slid by $600 million to $3.1 billion, the Forbes list of the 400 richest Americans showed on Tuesday.

Trump ranks 248th on the billionaires' list this year, dropping 92 spots after coming at 156th 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 $89 billion.

Amazon founder and CEO Jeff Bezos, worth $81.5 billion, hold 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 totaled a record-breaking $2.7 trillion, up from $2.4 trillion in 2016.

It also takes a record 2 billion dollars to enter the list, a nearly 18 per cent rise from last year.