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

Warren Buffett Astrid Buffett

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. According to a November 2016 feature in Forbes, a costly lawsuit and an expensive presidential campaign also contributed to his drop in wealth.

In February 2017, Forbes pegged Trump's net worth at around $3.5 billion, down $1 billion from the previous year.

His highest net worth valuation by the magazine came in 2015 at $4.5 billion.

Trump's, whose wealth has been tracked by Forbes since 1982, shares his spot on the list with the 27-year-old Evan Spiegel, co-founder and CEO of the parent of Snapchat, and the youngest person included.

"A tough NY real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign", all took a toll on Trump's finances in the past year, Forbes reported.

According to Forbes, half of Mr. Trump's wealth comes from New York City real estate.

Bill Gates topped the list for the 24th consecutive year.

This is the 36th year of the flagship Forbes 400.

But the real estate mogul's wealth has always been a subject of debate among journalists and financial experts who have accused him of consistently inflating his net worth without evidence.

A total of 169 billionaires were not rich enough to make the list. The other billionaires that constitute the top five in this list include Berkshire Hathaway's Warren Buffett ($78 billion), Facebook founder Mark Zuckerberg ($71 billion) and Oracle's Larry Ellison ($59 billion).


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