Trump’s fortune drops by $600 million to $3.1 billion

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Trump’s fortune drops by $600 million to $3.1 billion
Berkeley Lovelace Jr.

A look at billionaires who added maximum to their fortunes this year …How many billions did the billionaires add this year?

01:4204:16 Trump’s fortune drops to $3.1 billion on new Forbes 400 rich list

Donald Trump’s fortune fell by $600 million, and the president is now tied with Snap founder Evan Spiegel on Forbes’ 2017 ranking of the 400 richest Americans.

Trump ranks No. 248 on the billionaires list this year with a net worth of $3.1 billion, according to Forbes, which released the rankings Tuesday.

Trump ranked No. 156 in 2016.

Forbes, which has tracked Trump since the list’s debut in 1982, said the president’s faltering net worth is due to weakening in the New York City real estate market.

The president shares his spot on the list with the 27-year-old Spiegel, co-founder and CEO of the parent of Snapchat.

Spiegel took his ephemeral photo messaging company public on the New York Stock Exchange earlier this year.

Forbes used closing stock prices from Sept. 22, 2017, to compile the Forbes 400 list.

Microsoft co-founder Bill Gates tops the list for the 24th-consecutive year, with a net worth of $89 billion this year.

Amazon CEO Jeff Bezos was No. 2 spot for the second year in a row, with a net worth of $81.5 billion.

Berkshire Hathaway’s Warren Buffett, who prior to 2016 held the No. 2 spot for 15-consecutive years, was third in 2017 with a net worth of $78 billion.

Forbes says the minimum net worth required to be counted among the richest hit a record high of $2 billion, up from $1.7 billion in 2015 and 2016.

The combined total net worth of all the 400 billionaires on the Forbes list was a record-breaking $2.7 trillion this year. That’s up from $2.4 trillion in 2016.

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