President Trump falls in Forbes 400 list of richest Americans

7 Michiganders make 2017 Forbes list of '400 richest Americans'

According to Forbes, the combined net worth of the 400 billionaires totaled a record-breaking 2.7 trillion dollars, up from 2.4 trillion dollars in 2016.

Trump's net worth, which is largely reliant on his vast property portfolio, dropped by $600m (£455m) to just $3.1bn.

Bill Gates, worth $89 billion, tops the list for the 24th consecutive year.

Trump said his net worth was more than $10 billion, but Forbes pegged that figure at $4.5 billion in September 2015. The resident of The Plains, Virginia is worth an estimated $25.5 billion, according to Forbes, coming in at No. 16 on the Forbes 400 list.

This is even as Forbes magazine's in its latest estimate cuts Trump's net worth by $600m in the NY property market.

Forbes reports that Trump's most valuable assets remain New York City real estate holdings at $1.6 billion, followed by his golf course and resort properties valued at $570 million, and then non-New York real estate at $500 million.

Trump spent $US66 million on his presidential campaign and $US25 million to settle a lawsuit regarding his Trump University, which offered a course in real estate investing that NY state authorities alleged was fraudulent. Amazon's chief Jeff Bezos held on to the second position for the second consecutive year, with a net worth of $81.5 billion.

There were 169 billionaires who did not make the Forbes 400 due to how many Americans have reached the $1-billion mark.

Signaling an overall improvement in the fortunes of American entrepreneurs, 289 members of Forbes 400 witnessed an increase in their net worth, compared to 187 in 2016.

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