Finance | October 17, 2017 12:29 pm

President Trump’s Ranking Drops on 2017 Forbes Richest List

In 2016, he ranked 156th. He’s since dropped to 248th.

President Trump lost $600 million and plummeted 92 spots on the Forbes list of 400 richest Americans in 2017, according to CNN Money. With a net worth of $3.1 billion, he  the outlet says the decline comes from “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign.”

The “costly lawsuit” refers to the $25 million settlement reached after former students of Trump University charged the real estate seminars defrauded them. President Trump now sits at 248th on the list, as opposed to last year’s 56th.

CNN Money notes that Bill Gates once again tops the list for the 24th year in a row. He’s worth an estimated $89 billion, while Amazon founder Jeff Bezos falls in second place at $81.5 billion. Warren Buffett remains in third place with a fortune of $78 billion.