NEW YORK – President Donald Trump dropped nearly 100 spots on the list of the wealthiest individuals in the US compiled by Forbes magazine, which estimates his fortune at $3.1 billion.
As in the past few years, the list was once again topped by Microsoft co-founder Bill Gates, whose net worth was estimated at $89 billion, while Trump fell from the 156th position last year to No. 248.
Forbes noted that when the 71-year-old Trump took office on Jan. 20, he became the first president with a fortune above the $1 billion mark.
Trump’s wealth comes mostly from his real estate holdings and golf courses, a fortune he has been piling up since he started working for his father, Fred.
Trump’s assets decreased by some $600 million since Forbes published its 2016 list of the richest people due, among other reasons, to softness in New York real estate prices.
Trump has appeared on the roster of the 400 wealthiest people in the US since 1982.
Forbes’s highly awaited ranking of the world’s wealthiest individuals is released in March of each year.