America's richest may be getting richer but US President Donald Trump's fortune has slid, ranking him only in 248th place on Forbes magazine's list of the 400 richest Americans, down from 156th place last year.
The magazine said the downgrading was also a result of "new information" it had collected after Donald Trump had claimed during his campaign in 2015 that he owned $9.2 billion in assets and $8.7 billion in net worth.
On Tuesday, Luisa Kroll, Forbes magazine senior wealth editor said Donald Trump had not sought to boost his ranking on the list, as she said he had in previous years. "We'll see if he tweets today. I know he cares a lot," she added.
The US President ranked No.156 in 2016, and now has to share the 248th spot with 27-year-old Evan Spiegel, co-founder and CEO of the parent of Snapchat.
Spiegel was the youngest on the list, Kroll said. "And he's been the youngest for a number of years," she added. Spiegel took his photo messaging company public on the New York Stock Exchange earlier this year.
Forbes used closing stock prices from Sept. 22, 2017, to compile its list of the 400 richest Americans. Their total net worth grew from $2.4 trillion in 2016 to $2.7 trillion this year.
Donald Trump's empire
Just how rich is the man, and what is his wealth based on? Donald Trump has bragged about his money, but he hasn't disclosed many details. This much (or little) is known ...
Image: picture-alliance/AA
So, how rich is he?
Those looking into Trump's wealth first and foremost encounter one thing - obscurity. There's no clarity about his total wealth whatsoever. And no light was shed on it in the run-up to the presidential election, since Trump - unlike previous cadidates - had not published a tax declaration.
Image: Getty Images/C. Somodevilla
Trump's own statements ...
... do not nearly match the estimates of others. In June 2015, he said he owned over $8 billion (7.7 billion euros). But "Forbes" put his wealth at $4.1 billion. In mid-July 2015, Trump stated he owned over $10 billion, while "Bloomberg" said at the time he possessed 'only' $2.9 billion.
Image: Reuters/J. Bourg
Global corporate network
According to the German business daily "Handelsblatt," Trump owns shares in some 500 companies in at least 25 countries. There's little information about what these firms do, and little about their revenues or profits. CNN claims Trump has 144 firms in 25 nations, while "The Washington Post" says he has 111 firms in at least 18 countries.
Image: picture-alliance/AP Photo/M. Probst
Real estate money
Trump's empire is "The Trump Organization," which he took over from his father. He's been in charge of it since 1971. It features real estate gems around the globe, among them 40 Wall Street in New York, Trump International Hotel & Tower in Vancouver, and Trump International Hotel in Las Vegas (pictured).
Image: Getty Images/J.Raedle
Four buildings in focus
Trump's main wealth is based on four buildings, according to Forbes. The president-elect owns two office buildings in New York, and he owns shares in Trump Tower, Fifth Avenue. He also owns a building in San Francisco. "Forbes" calculates these real estate gems account for about 40 percent of the man's total wealth.
Image: picture-alliance/dpa/W.G. Allgoewer
Hole-in-one
Let's not forget the golf courses he owns - a total of 17 in the US, Ireland, Scotland and the United Arab Emirates. In May of this year, Trump said he logged an annual revenue of $306 million from these golf courses.
Image: picture alliance/dpa/D. Lawson
No casino winning streak
Trump also pumped a lot of money into casinos and leisure centers in Atlantic City and Florida. The Taj Mahal casino in Atlantic City reportedly cost Trump about $1 billion. It went bust in 1991; three insolvencies followed in 2004, 2009 and 2014 respectively. The casino finally went out of operation on October 10, 2016.
Image: Getty Images/W.T.Cain
'You're fired'
Trump also tried his luck in the entertainment media. Many Americans remember him as anchor and producer of the successful series "The Apprentice," televised from 2004 to 2011.The show was broadcast in 17 nations.
Legal battles and failed deals: Most US lenders have turned their backs on Donald Trump. Not so Germany's Deutsche Bank, which is believed to be the man's major loan provider. The "Wall Street Journal" says Deutsche has granted him $2.5 billion in loans since 1998. According to CNN, Trump still owes some $360 million to the Frankfurt-based global bank.
Image: picture-alliance/Markus Ulmer
Giobal conflicts of interest?
These seem almost certain. In the past, entrepreneurs elected to become US presidents have handed over their businesses to a blind trust. While not losing ownership rights, they no longer had a say in business operations. Trump, for his part, is planning to hand over his businesses to his adult children. He has said he will disclose the details of this scheme in January.
Image: picture-alliance/dpa
10 images1 | 10
Record-breaking entry level
Microsoft co-founder Bill Gates topped the list for a 24th consecutive year on a net worth of $89 billion with Amazon's Jeff Bezos, worth $81.5 billion, number two.
Meanwhile, iconic investor Warren Buffett, who before 2016 held the second spot for 15 consecutive years, has been listed at third place for the second year in a row.
The minimum net worth now required to be counted among the very richest Americans hit a record high of $2 billion, up from $1.7 billion in 2015 and 2016. There were 169 billionaires who did not make the cut.
"America's richest are richer than ever. But even at these new heights, entrepreneurs are breaking into the ranks for the first time as they mint fortunes in everything from Netflix and telecom to vodka and fishing," said Luisa Kroll.
Among the 22 newcomers is Netflix cofounder and CEO Reed Hastings. Twenty-six people dropped off from last year, including US Commerce Secretary Wilbur Ross.
There were only 50 women on the list. Alice Walton, the daughter of Wal-Mart founder Sam Walton, was the highest ranked at 13. The biggest gainer in dollar terms was Facebook's Mark Zuckerberg, chalking up a $15.5 billion increase in net worth to retain his number four ranking at $71 billion.
