President Donald Trump’s fortune reportedly fell by $600 million, and the president is now tied with Snap founder Evan Spiegel on Forbes’ 2017 ranking of the 400 richest Americans.
Trump fell to No. 248 on the Forbes list as his wealth is down $600 million to a net worth of $3.1 billion due to a weakening in the New York City retail and office real estate market as well as new information. Trump was ranked No. 156 in 2016.
Trump did not campaign with the magazine in an effort to boost his ranking as he’s done in years past, Luisa Kroll, Forbes magazine senior wealth editor, told CNBC.
Bill Gates tops The Forbes 400 for the 24th consecutive year, with a net worth of $89 billion this year. Amazon’s Jeff Bezos, worth $81.5 billion, retains the No. 2 spot for the second consecutive year.
Warren Buffett, who prior to 2016 held the No. 2 spot for 15 consecutive years, is now No. 3 for the second year in a row.
The biggest gainer (in dollar terms) of The Forbes 400 list is Facebook’s Mark Zuckerberg. Despite a $15.5 billion increase in net worth, Zuckerberg remains in No. 4, worth $71 billion. Rounding out the top 5 is Larry Ellison (No. 5), worth $59 billion, up $9.7 billion from last year.
Kroll told the Financial Times that the magazine now had two people covering the president full time.
She said the Forbes reporters “continue to get more information and dig deeper on all the properties. We also learned about some debt they pulled down on [the Trump International Hotel]. We were able to continue to find more documentation to prove our numbers and give us more comfort in them.”