The cost of being president: Forbes 400 shows Donald Trump's wealth drops

Forbes 400 List: Combined net worth of America's richest rises to $2.7 trillion

Forbes said those on its 36th annual list of the 400 wealthiest Americans have a record-breaking, combined total net worth of $2.7 trillion, up from $2.4 trillion in 2016. During the presidential campaign, Trump said he was worth at least $10 billion, but publications such as Forbes and Bloomberg disputed that.

Microsoft co-founder Bill Gates led the new Forbes 400 ranking for the 24th year in a row, with an estimated net worth of $US89 billion.

Forbes said it calculated Trump's net worth "after months of digging through financial disclosures and public property records and conducting dozens of interviews".

The personal wealth of US President Donald Trump has declined in the past year, Forbes magazine says.

Since taking office, Trump's net worth has plummeted over $600 million dollars to put him at a paltry $3.1 Billion and a lowly spot of #248. That's down from $3.7 billion one year ago, and down from $4.5 billion the year before that.

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Forbes attributes the drop in President Donald Trump's net worth to an expensive lawsuit, the costs of his presidential campaign, and a decline in the value of his Manhattan real estate.

Forbes' 2015 list, dropping to 156th place on the 2016 list.

According to Forbes, the White House did not immediately respond to a request for comment on Trump's ranking.

Forbes has been following Trump's tremendous fortune since 1982, when the 400 wealthiest rundown appeared. Amazon's chief Jeff Bezos held on to the second position for the second consecutive year, with a net worth of $81.5 billion. There were 169 billionaires who did not make the cut.

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 past year.

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