President Donald Trump dropped over 200 spots on Forbes Billionaires List from his position last year.
Trump currently comes in at No. 766 for Forbes 2018 list with a net worth of $3.1 billion versus 2017 when he was No. 544 with $3.5 billion on his ledger.
This year’s drop follows another one of over 200 spots in 2017.
Trump announced his candidacy for president in June 2015 and clearly devoted much of his energy to winning the race.
Additionally, he stepped down as the Trump Organization’s CEO in December 2016, turning over the reins to his sons Donald Jr. and Eric.
Also to address the issue of the appearance of conflicts of interest, Trump’s attorney announced his organization would undertake no new foreign deals, while he was in office, which effectively shut down one avenue stream.
The Washington Times reports about half of Trump’s net worth — $1.5 billion — is in real estate. The next largest share — $560 million — is invested in his golf clubs and resorts.
(1/30) Forbes values Donald Trump at $3.1B on the 2018 world billionaires list. That’s down $400M from one year ago and even with our estimate at the 2017 Forbes 400 list of richest Americans, published last fall. Here’s how the president’s fortune breaks down: pic.twitter.com/7uRtbAmksb
— Dan Alexander (@DanAlexander21) March 6, 2018
According to Forbes, the president’s decline in net worth can be mostly attributed to the New York City real estate market.
“The rise of e-commerce has pushed down the value of properties like Trump Tower, which sits in the heart of shopping mecca Fifth Avenue in New York City,” Forbes reported. It estimated the value of the property has declined $41 million.
Additionally, longtime tenant Nike announced it is vacating approximately 65,000 square feet of retail space at Trump’s property at 6 East 57th Street.
However, on the positive side, profits have surged at other properties that Trump owns stakes in located in New York and San Francisco.
In his speech at the Republican Convention in July 2016, Trump’s son Eric noted his father would be making a sacrifice to run and to be president.
“So my father made the courageous decision to set aside a company to which he has dedicated his entire life, to set aside a global brand that he has made synonymous with success, with quality, with uncompromising … just the best,” Eric Trump said.
“At a time when people at the pinnacle of their career like my father would have held fast to a lifestyle that has truly become the epitome of the American dream, my father instead chose to give that dream back to the people it had eluded for so long,” he added.
Amazon CEO Jeff Bezos, who tops the 2018 Forbes list, has done very well under Trump, surpassing Microsoft founder Bill Gates to become the wealthiest man in the world, with an estimated worth of $112 billion.
— FOX Business (@FoxBusiness) March 6, 2018
Bezos was the first person to ever surpass the $100 billion mark.
Gates’ net worth now stands at $90 billion, followed by Berkshire Hathaway CEO Warren Buffett at $84 billion, French businessman Bernard Arnault with $72 billion and Facebook CEO Mark Zuckerberg at $71 billion. (For more from the author of “Trump Not Getting Rich as POTUS, Sees Staggering Drop on Forbes Richest List” please click HERE)