Trump falls in latest Forbes list of the richest Americans

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The magazine's venerable list of the country's 400 richest people ranks the president at #248, dropping an astonishing 92 spots from previous year.

The publication releases an annual issue of the magazine that examines the richest people in the country based on their estimated net worth.

The fortune of the nation's commander-in-chief shrank by $600 million, to $3.1 billion, dropping him from 156th place to 248th place in the 2017 Forbes 400 ranking, the magazine reported Tuesday.

"A tough NY real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of the 45th president", Forbes wrote. Throw in another $25 million to settle that degree-mill lawsuit and Forbes thinks the president's about $1.5 billion lighter than he was when he launched his presidential bid. The year before, he was ranked 156th.

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As a candidate, Trump claimed his net worth was almost $9 billion (£6.8 billion), but Forbes says the actual figure is closer to $4 billion (£3.3 billion).

As a candidate, Trump said his net worth was more than $10bn, but Forbes pegged that figure at $4.5bn in September 2015.

Microsoft founder Bill Gates topped the list for the 24th consecutive year ($89 billon) and Amazon founder Jeff Bezos held on to the No. 2 spot ($81.5 billion) that he had taken from Warren Buffett in 2016.

According to Forbes, half of Trump's wealth comes from New York City real estate.