Donald Trump drops 92 places in the Forbes rich list

Trump's fortune drops to $3.1 billion, ties Snap's Evan Spiegel on new Forbes 400 rich list

President Donald Trump fell dozens of spots on the Forbes 400 wealthiest Americans list after his wealth decreased by $600 million past year, the magazine reported Tuesday.

As a result, President Trump's ranking is now at No. 248 on the list, after coming in at 156 a year ago. 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.

Forbes said the value of some of Trump's Manhattan real estate holdings had declined recently.

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

Believed Missing, 7 Injured in Louisiana Oil Rig Explosion
Jefferson Parish's water supply comes from the Mississippi River and no drinking water comes from Lake Pontchartrain, Yenni said. Coast Guard Sector New Orleans received a report from a witness at approximately 8 p.m. of an oil platform explosion.

Forbes said 289 people on the list saw their fortunes increase in the past year, while 51 billionaires saw their net worth decrease.

Microsoft co-founder Bill Gates led the new Forbes 400 ranking for the 24th year in a row, with an estimated net worth of $89 billion.

A record 169 billionaires, including Facebook's Sheryl Sandberg and Under Armour's Kevin Plank, fell short of the minimum net worth required to land them among the richest of the rich in the US.

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

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