Trump's fortune shrinks with $600M loss in past year

By Ovunc Kutlu

NEW YORK (AA) - President Donald Trump's net worth decreased $600 million to $3.1 billion in the past year, Forbes business magazine said Tuesday.

The billionaire real estate developer-turned-president fell 92 spots from 156 to 248 on the magazine's list of the 400 richest Americans.

"A tough New York real estate market, a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of the 45th president," Forbes said.

"Values of several Manhattan properties, particularly those on or near Fifth Avenue, have dropped, shaving nearly $400 million off his fortune," it added.

The magazine said Trump spent $66 million on his presidential campaign, and $25 million settling a lawsuit regarding Trump University.

Bill Gates topped the list for the 24th consecutive year. The Microsoft co-founder saw his net worth grow $8 billion to a total of $89 billion.

Amazon co-founder and CEO Jeff Bezos placed second after his fortune jumped $14.5 billion to $81.5 billion.

Business magnate and investor Warren Buffett was third with $78 billion, while Facebook co-founder and CEO Mark Zuckerberg ranked fourth with $71 billion and Oracle CEO and co-founder Larry Ellison rounded out the top five with $59 billion.

The 400 richest Americans' total net worth increased to $2.7 trillion in 2017, up from $2.4 trillion in 2016; while their average net worth rose to $6.7 billion, up from $6 billion, Forbes said.