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Trump slips over 200 places in Forbes billionaires list

News Agencies | Updated on: 7 March 2018, 10:39 IST

U.S. President Donald Trump has tumbled down more than 200 places in the world's billionaire rankings after losing around $400 million in his net worth from last year.

The business tycoon, with $3.1 billion is now ranked 766th this year, down from a 544th ranking last year.

Forbes, the American magazine which compiles a list of the world's richest people annually, attributed his decline to "a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign."

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Trump also lost out around a billion dollars in net worth in 2017.

According to Daily News, Trump Tower, the President's New York home, lost an estimated $41 million in value last year.

Another property on 57th St. is losing a longtime tenant in Nike.

Trump also shelled out $25 million in settling lawsuits that alleged his Trump University real estate courses defrauded students.

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The billionaires list features Amazon chief Jeff Bezos at the numero-uno spot, with his combined wealth totaling to a mind-boggling $112 billion. At the second place is former world's richest man and Microsoft founder Bill Gates, with his wealth at $90 billion.

According to the magazine, the gulf between the first and second spot has never been this big.

First published: 7 March 2018, 10:39 IST