Donald Trump, president of the United States of America and former property developer, may be experiencing low returns in his property business since he became the president of America.
This is even as Forbes magazine’s in its latest estimate cuts Trump’s net worth by $600m in the New York property market. This has sent the U.S president sliding down the property ladder by almost 100 places in its latest ranking of the wealthiest 400 Americans.
The magazine puts Trump’s estimated fortune at $3.1 billion, thereby ranking him 248th as against last year’s 156th position.
The magazine in explaining it got the details, said it continues to get more information by digging deeper on all the properties. It also learned about some debt they pulled down on the Trump International Hotel, adding, “We were able to continue to find more documentation to prove our numbers and give us more comfort in them.
The Trump Organisation did not respond to a request for comment by time of publication.
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.
Alice Walton was the highest placed woman, with a net worth of $38.2 billion, ranking the heir to the Wal-Mart Stores fortune at 13 – the same position as last year.
The latest annual ranking of the 400 richest Americans billionaires on Forbes’ 2017, showcases a record-breaking, combined total net worth of $2.7 trillion, up from $2.4 trillion in 2016. The minimum net worth now required to be counted among the very richest Americans hit a record high of $2 billion, up from $1.7 billion in 2015 and 2016.
There were 169 billionaires who did not make the list. However, there were 22 newcomers to this year’s list. The average net worth of a Forbes 400 member hit $6.7 billion, also a record high, up from $6 billion last year.