Forbes' most recent list of the world's billionaire shows that the United States President Donald Trump's net worth shrunk to $3.5 billion from $4.5 billion, a few months after he won the highest seat in the White House, Washington Post reported.
Now that the United States president is $1 billion poorer, his ranking slid to No. 544. His new place in the list is 208 spots lower than his previous ranking of No. 336.
The change in his ranking has nothing do with his presidential win, according to the report. Presidents of the United States are mandated by federal law to step down from their businesses when they entered the office. However, in Trump's case, he still owns the businesses but he is not allowed to have a say in the financial and operational decisions related to them.
Much of Trump's fortune is related to the real estate industry, particularly in Midtown Manhattan. The real estate business in Midtown Manhattan has been in a slump, which is the primary driver of the decline of Trump's net worth.
Trump had been fighting Forbes regarding the real value of his net worth. He said Forbes' figures are inaccurate because it did not incorporate the value of his brand. In a regulatory filing related to his presidential campaign, Trump said his value was more than $10 billion.
CNN Money reported that Trump used $66 million for his presidential campaign and paid $25 million related to a lawsuit filed against Trump University. Approximately 40% of Trump's fortune is tied to the real estate industry, including the Trump Tower and eight other buildings in Manhattan.
Microsoft Corp. founder Bill Gates remained at the top of the ranking, followed by Warren Buffett.
Jobs & Hire previously reported that Trump continues to inspire small business optimism.