Forbes has released its 36th annual Forbes 400 list ranking the richest Americans, and U.S. President Donald Trump has moved down to number 248 after his wealth decreased by $600 million to $3.1 billion from 2016. Last year, Trump was ranked No. 156.
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Forbes attributed Trump’s loss to a “weakening New York City real estate market, as well as new information.” According to a November 2016 feature in Forbes, a costly lawsuit and an expensive presidential campaign also contributed to his drop in wealth. According to Federal Election Commission filings, Trump spent $66 million of his own money on his presidential campaign. By order of a federal judge, he also spent $25 million reimbursing 6,000 Trump University real estate seminar students who called the courses “worthless.”
Trump tied with the youngest Forbes 400 member: 27-year-old Snap Inc. (NYSE:SNAP) co-founder and CEO Evan Spiegel.
Also to note, it was the hardest year to date to get a spot on the prestigious list, with the minimum net worth now required to make the cut at $2 billion, up from $1.7 billion in 2015 and 2016.
Bill Gates topped the Forbes 400 for the 24th consecutive year, with a net worth of $89 billion.