Donald Trump’s wealth has declined by $600m (£455m) in the last year as the value of luxury property in New York falls, it has been reported.
The US President has dropped 92 places in the list of Forbes magazine’s richest Americans, leaving him with $3.1bn (£2.35bn).
He is now the 248th wealthiest person in the US, after a year in which the rise of online shopping outlets such as Amazon hit traditional retail outlets of the type that occupy midtown New York.
The core of Mr Trump’s fortune is tied up in just half a dozen or so buildings in and around central Manhattan.
Image: Donald’s Trump’s luxury properties in New York have seen their value fall
In 2016, Mr Trump’s wealth also fell compared with the year before, according to Forbes, down $800m (£614m) on the year before.
It was reported that between 2016 and 2017, Mr Trump’s Manhattan properties fell by $400m in value and he lost $100m in cash, in part as a result of his $66m spend on his election campaign.
Forbes estimates the tycoon’s wealth has fallen by 31% in two years, leaving him able to access cash and personal assets of $290m (£220m).
His wealth ties him with 16 other people in the Forbes list of the 400 richest Americans, including Snapchat CEO Evan Spiegel and casino magnate Steve Wynn.
Image: Bill Gates, who has pledged to give away most of his wealth, is the richest man in the US, says Forbes
The richest American was Microsoft founder Bill Gates, with an estimated wealth of $89bn (£67.5bn), and the second was Amazon founder and CEO Jeff Bezos, who is thought to be worth $81.5bn (£61.9bn).
Berkshire Hathaway’s Warren Buffett is third with $80.5bn (£61bn) and Facebook founder Mark Zuckerberg fourth on $71bn (£53.9bn).
Mr Trump is still the world’s second most powerful person, according to Forbes, ahead of Angela Merkel and Xi Jinping, but behind Vladimir Putin.
Mr Trump said his sons Donald Jr and Eric would run his companies for him while he is President.
Image: Jeff Bezos was briefly the richest man in the world and is now the second richest in the US, says Forbes
After being put under pressure to prevent a conflict of interest, he said “no new deals” would be done as long as he was in the White House.
The US President has not commented directly on the Forbes report, but four hours after its findings began to circulate on news wires, he tweeted: “So much Fake News being put in dying magazines and newspapers. Only place worse may be @NBCNews, @CBSNews, @ABC and @CNN. Fiction writers!”