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

Another of the president's foes, Bloomberg founder Michael Bloomberg, came in at No 8 with a net worth of $US47.7 billion.

The core of Mr Trump's fortune is "tied up in a half-dozen buildings in and around midtown Manhattan in New York City where luxury real estate values have fallen recently".

Trump ranked No. 156 in 2016.

This year's Forbes 400 list was the most discerning of all, as the magazine reported that the minimum net worth required to be included hit a record high of $2 billion.

As a candidate, Trump said his net worth was more than $10bn, but Forbes pegged that figure at $4.5bn in September 2015. Bill Gates tops the list for the 24th consecutive year with an estimated net worth of $89 billion, while Jeff Bezos remains in the number two spot worth approximately $81.5 billion.

The Forbes 400 edition of the magazine was released today.

Forbes ranked the first billionaire president as the 248th-wealthiest person in America and put his wealth at $3.1 billion.

The value of Trump's golf properties in Miami, Ireland and Scotland also have decreased, according to the magazine, which said "would-be guests stayed away, apparently offended by the president's politics and bombast".

President Donald Trump came in at number 248 as he's down $600 million to a net worth of $3.1 billion as the NY retail and office real estate market has suffered a dip.

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