Donald Trump plummets on Forbes rich list


In other words, over the past two years, Trump's net worth has fallen almost $1.5 billion, according to Forbes. The average net worth of a Forbes 400 member hit $6.7 billion, also a record high, up from $6 billion previous year.

For the 24th consecutive year, the richest American is Microsoft founder Bill Gates, worth an estimated $89 billion.

Commerce Secretary Wilbur Ross failed to reach the new-record $US2 billion fortune required for inclusion in the new rankings after he filed public disclosure forms that showed a net worth of less than $US1 billion, Forbes reported.

US President Donald Trump fell nearly 100 places in the annual release of the Forbes rich list, while Microsoft founder Bill Gates remained atop the rankings. Forbes put his net worth at $3.7 billion a year ago and $4.5 billion two years ago. Buffett came in at No. 3 this year, at $78 billion.

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In an interview with Trump published in Forbes Oct. 10, the article's author alluded to the president's lengthy history and fixation with the list. According to the publication, the bulk of Trump's fortune is "tied up in a half-dozen buildings in and around midtown Manhattan in New York City, where luxury real estate values have fallen recently".

Declines in real estate prices, the settlement of the fraud lawsuit against Trump University and declining numbers of visitors at some of his golf resorts all contributed to the drop-off, the magazine said. "A record 169 billionaires did not make the cut this year, falling short of the $2 billion minimum needed to make the list", the report says.

Where did the Trump net worth see the biggest losses?