The magazine’s venerable list of the country’s 400 richest people ranks the president at #248, dropping an astonishing 92 spots from last year. The publication now lists his net worth at $3.1 billion.
Forbes cites several reasons for the fall. Specifically, “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign.” Less than two weeks after being elected president, Trump agreed to pay $25 million to settle lawsuits against the now-defunct Trump University.
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Trump’s fall comes during what Forbes calls “another record year for the wealthiest people in America.” Bill Gates tops the list for the 24th consecutive year with an estimated net worth of $89 billion, while Jeff Bezos remains in the number two spot worth approximately $81.5 billion. Warren Buffet, Mark Zuckerberg, Larry Ellison, Michael Bloomberg, Charles Koch, David Koch, Larry Page and Sergey Brin round out the top ten.
According to Forbes, the White House did not immediately respond to a request for comment on Trump’s ranking.