'Forty per cent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it,' Forbes said
(
AP
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Politically Donald Trump may be at the height of his career, but his personal fortune has taken a battering over the last year.
According to Forbes’ 2017 billionaire list, the US President is now only 544th in the global ranking of the world’s super-rich, putting him more than 200 spots below where he ranked last year, with an estimated wealth of $3.5bn compared to $3.7bn last year and $4.5bn the year before.
The publication attributed his fall to the state of the Manhattan real estate market in which Mr Trump has invested a disproportionate amount of his fortune.
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"Forty per cent of Donald Trump's fortune is tied up in Trump Tower and eight buildings within one mile of it," Forbes said. "Lately, the neighborhood has been struggling (relatively speaking)," it added.
Mr Trump’s wealth has been a subject of fierce debate and much speculation in recent years and he is notoriously sensitive about disclosing earnings.
In an article published in September 2015, Forbes wrote that no other mogul featured on their annual rich list has been “more fixated with his or her net worth estimate on a year-in, year-out basis than Donald J Trump”.
The magazine said that other billionaires on the list had a tendency of complaining that their estimate was too high rather than too low.
When Forbesestimated his fortune at $4.5bn in 2015, Mr Trump reportedly complained: “I’m running for President. I’m worth much more than you have me down [for].
“I don’t look good, to be honest. I mean, I look better if I’m worth $10bn than if I’m worth $4bn.”
The controversial orders Donald Trump has already issued
Show all 9
The controversial orders Donald Trump has already issued
1/9 Trump and the media
White House Press Secretary Sean Spicer takes questions during the daily press briefing
Getty Images
2/9 Trump and the Trans-Pacific Partnership
Union leaders applaud US President Donald Trump for signing an executive order withdrawing the US from the Trans-Pacific Partnership negotiations during a meeting in the Roosevelt Room of the White House in Washington DC.
Mr Trump issued a presidential memorandum in January announcing that the US would withdraw from the trade deal
Getty
3/9 Trump and the Mexico wall
A US Border Patrol vehicle sits waiting for illegal immigrants at a fence opening near the US-Mexico border near McAllen, Texas. The number of incoming immigrants has surged ahead of the upcoming Presidential inauguration of Donald Trump, who has pledged to build a wall along the US-Mexico border.
A signature campaign promise, Mr Trump outlined his intention to build a border wall on the US-Mexico border days after taking office
Getty Images
4/9 Trump and abortion
US President Donald Trump signs an executive order as Chief of Staff Reince Priebus looks on in the Oval Office of the White House.
Mr Trump reinstated a ban on American financial aide being granted to non-governmental organizations that provide abortion counseling, provide abortion referrals, or advocate for abortion access outside of the United States
Getty Images
5/9 Trump and the Dakota Access pipeline
Opponents of the Keystone XL and Dakota Access pipelines hold a rally as they protest US President Donald Trump's executive orders advancing their construction, at Columbus Circle in New York.
US President Donald Trump signed executive orders reviving the construction of two controversial oil pipelines, but said the projects would be subject to renegotiation
Getty Images
6/9 Trump and 'Obamacare'
Nancy Pelosi who is the minority leader of the House of Representatives speaks beside House Democrats at an event to protect the Affordable Care Act in Los Angeles, California.
US President Donald Trump's effort to make good on his campaign promise to repeal and replace the healthcare law failed when Republicans failed to get enough votes. Mr Trump has promised to revisit the matter
Getty Images
7/9 Donald Trump and 'sanctuary cities'
US President Donald Trump signed an executive order in January threatening to pull funding for so-called "sanctuary cities" if they do not comply with federal immigration law
AP
8/9 Trump and the travel ban
US President Donald Trump has attempted twice to restrict travel into the United States from several predominantly Muslim countries. The first attempt, in February, was met with swift opposition from protesters who flocked to airports around the country. That travel ban was later blocked by the Ninth Circuit Court of Appeals.
The second ban was blocked by a federal judge a day before it was scheduled to be implemented in mid-March
SANDY HUFFAKER/AFP/Getty Images
9/9 Trump and climate change
US President Donald Trump sought to dismantle several of his predecessor's actions on climate change in March. His order instructed the Environmental Protection Agency to reevaluate the Clean Power Plan, which would cap power plant emissions
Shannon Stapleton/Reuters
1/9 Trump and the media
White House Press Secretary Sean Spicer takes questions during the daily press briefing
Getty Images
2/9 Trump and the Trans-Pacific Partnership
Union leaders applaud US President Donald Trump for signing an executive order withdrawing the US from the Trans-Pacific Partnership negotiations during a meeting in the Roosevelt Room of the White House in Washington DC.
Mr Trump issued a presidential memorandum in January announcing that the US would withdraw from the trade deal
Getty
3/9 Trump and the Mexico wall
A US Border Patrol vehicle sits waiting for illegal immigrants at a fence opening near the US-Mexico border near McAllen, Texas. The number of incoming immigrants has surged ahead of the upcoming Presidential inauguration of Donald Trump, who has pledged to build a wall along the US-Mexico border.
A signature campaign promise, Mr Trump outlined his intention to build a border wall on the US-Mexico border days after taking office
Getty Images
4/9 Trump and abortion
US President Donald Trump signs an executive order as Chief of Staff Reince Priebus looks on in the Oval Office of the White House.
Mr Trump reinstated a ban on American financial aide being granted to non-governmental organizations that provide abortion counseling, provide abortion referrals, or advocate for abortion access outside of the United States
Getty Images
5/9 Trump and the Dakota Access pipeline
Opponents of the Keystone XL and Dakota Access pipelines hold a rally as they protest US President Donald Trump's executive orders advancing their construction, at Columbus Circle in New York.
US President Donald Trump signed executive orders reviving the construction of two controversial oil pipelines, but said the projects would be subject to renegotiation
Getty Images
6/9 Trump and 'Obamacare'
Nancy Pelosi who is the minority leader of the House of Representatives speaks beside House Democrats at an event to protect the Affordable Care Act in Los Angeles, California.
US President Donald Trump's effort to make good on his campaign promise to repeal and replace the healthcare law failed when Republicans failed to get enough votes. Mr Trump has promised to revisit the matter
Getty Images
7/9 Donald Trump and 'sanctuary cities'
US President Donald Trump signed an executive order in January threatening to pull funding for so-called "sanctuary cities" if they do not comply with federal immigration law
AP
8/9 Trump and the travel ban
US President Donald Trump has attempted twice to restrict travel into the United States from several predominantly Muslim countries. The first attempt, in February, was met with swift opposition from protesters who flocked to airports around the country. That travel ban was later blocked by the Ninth Circuit Court of Appeals.
The second ban was blocked by a federal judge a day before it was scheduled to be implemented in mid-March
SANDY HUFFAKER/AFP/Getty Images
9/9 Trump and climate change
US President Donald Trump sought to dismantle several of his predecessor's actions on climate change in March. His order instructed the Environmental Protection Agency to reevaluate the Clean Power Plan, which would cap power plant emissions
Shannon Stapleton/Reuters
Microsoft co-founder and philanthropist Bill Gates topped this year’s rich list for a fourth consecutive year, with an estimated fortune of around $86bn. He was followed by Berkshire Hathaway chief executive Warren Buffett, whose wealth was cited to be around $75.6bn.
Others in the top ten, which is heavily dominated by Americans in the technology sector, were Facebook founder Mark Zuckerberg, at number five, Oracle co-founder Larry Ellison at number seven and Amazon’s founder Jeff Bezos.
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