Forbes has released its 36th annual Forbes 400 list ranking the richest Americans, and U.S. President Donald Trump has moved down to number 248 after his wealth decreased by $600 million to $3.1 billion from 2016. Last year, Trump was ranked No. 156.
Forbes attributed Trump’s loss to a “weakening New York City real estate market, as well as new information.” According to a November 2016 feature in Forbes, a costly lawsuit and an expensive presidential campaign also contributed to his drop in wealth. According to Federal Election Commission filings, Trump spent $66 million of his own money on his presidential campaign. By order of a federal judge, he also spent $25 million reimbursing 6,000 Trump University real estate seminar students who called the courses “worthless.”-- More...
