Forbes List: Trump's Fortune plummets $600 Million to $3.1 Billion

by Susie Olson October 18, 2017, 0:32
Forbes List: Trump's Fortune plummets $600 Million to $3.1 Billion

Forbes also said some of Mr. Trump's golf properties declined in value and that he spent $66 million on the presidential campaign as well as $25 million to settle a fraud lawsuit brought by former students in his defunct Trump University program for real estate investors.

According to Forbes, the White House did not immediately respond to a request for comment on Trump's ranking. Last year, Trump was ranked No. 156.

Signaling an overall improvement in the fortunes of American entrepreneurs, 289 members of Forbes 400 witnessed an increase in their net worth, compared to 187 in 2016.

Trump had a silver covering, seeing an uptick in resources at his lodging apartment suite tower in Las Vegas and his stake in a downtown San Francisco office building, Forbes said.

President Donald Trump's net worth has fallen by $600 million over the past year, according to the Forbes, and his ranking in the magazine's newest list of the 400 Richest Americans has dropped significantly as well.

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Forbes said the value of some of Trump's Manhattan real estate holdings had declined recently.

Second on the list of Washington-area billionaires is Washington Nationals owner and longtime real estate tycoon Ted Lerner, worth an estimated $4.9 billion.

In February 2017, Forbes pegged Trump's net worth at around $3.5 billion, down $1 billion from the previous year.

Ross told the magazine he had shifted billions to trusts for his relatives, Forbes reported.

Gates topped the list for the 24th consecutive year with a fortune of $89bn, followed by Amazon CEO Jeff Bezos and investment guru Warren Buffett in second and third place, respectively.

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