Washington: U.S. President Donald Trump has tumbled down more than 200 places in the world’s billionaire rankings after losing around $400 million in his net worth from last year.
The business tycoon, with $3.1 billion is now ranked 766th this year, down from a 544th ranking last year.
Forbes, the American magazine which compiles a list of the world’s richest people annually, attributed his decline to “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign.”
Trump also lost out around a billion dollars in net worth in 2017.
According to Daily News, Trump Tower, the President’s New York home, lost an estimated $41 million in value last year.
Another property on 57th St. is losing a longtime tenant in Nike.
Trump also shelled out $25 million in settling lawsuits that alleged his Trump University real estate courses defrauded students.
The billionaires list features Amazon chief Jeff Bezos at the numero-uno spot, with his combined wealth totaling to a mind-boggling $112 billion. At the second place is former world’s richest man and Microsoft founder Bill Gates, with his wealth at $90 billion.
According to the magazine, the gulf between the first and second spot has never been this big. (ANI)