All members of the 2017 Forbes 400 have a net worth of at least $2 billion, which is 18% higher than the $1.7 billion minimum required in 2016. According to a November 2016 feature in Forbes, a costly lawsuit and an expensive presidential campaign also contributed to his drop in wealth.
At the top of the list for the 24th consecutive year is the Microsoft founder and serial philanthropist Bill Gates, who has an estimated value of $89bn.
President Trump has lost $600 million in net worth since previous year, according to the Forbes list of the 400 richest Americans. Specifically, Trump has dropped 92 spots in Forbes' 36th annual "400" list. One fellow billionaire Trump tapped for his presidential cabinet was among the less fortunate.
The president's net worth fell from $3.7 billion to $3.1 billion, the magazine reported on Tuesday, saying it arrived at that figure after "months of digging through financial disclosures and public property records and conducting dozens of interviews".
"A tough NY real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of the 45th president", wrote Forbes.
Forbes said the value of some of Trump's Manhattan real estate holdings had declined recently. Amazon's Jeff Bezos came in number two with a net worth of $81.5 billion.
But the real estate mogul's wealth has always been a subject of debate among journalists and financial experts who have accused him of consistently inflating his net worth without evidence.
The Forbes 400 edition of the magazine was released today. The publication now lists his net worth at $3.1 billion.