President Donald Trump's net worth drops by a whooping $600 million in new Forbes' list

The Forbes list of 400 richest Americans shows that US President, Donald Trump's fortune fell by $600 million to $3.1 billion. As a result he dropped to #248 on the list, after coming in at #156 last year.

The magazine attributed his decline in wealth to "a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign."

Bill Gates tops the list for the 24th straight year with a net worth estimated at $89 billion. Amazon founder and CEO Jeff Bezos, worth $81.5 billion, held on to the No. 2 spot he first claimed in 2016. Warren Buffett, remains No. 3 with a fortune worth $78 billion.

Overall the richest 400 Americans now have a combined net worth of $2.7 trillion, another record according to the magazine's ranking, up from $2.4 trillion in 2016. That comes out to an average net worth of $6.75 billion for those on the list.