Donald Trump Plummets 200 Spots and $400 million on Forbes Billionaire List

With his estimated worth sinking by about $400 million, President Donald Trump's ranking slipped for the second year in a row on the annual Forbes list of the world's top billionaires.

The magazine reported that Trump is worth $3.1 billion, falling more than 200 places in the ranking from 544th richest to 766th. Last year, Trump took an estimated $1 billion nosedive and dropped even further in Forbes' rankings. 

During the 2016 election, Trump had claimed he was worth about $10 billion.

According to Forbes, markets are partially to blame for the blustery business mogul's decline, but his decreasing net worth is also due to his personality and image. Buildings that once proudly proclaimed their affiliation with Trump now don't want to be associated with the president. Trump signage has been ripped off buildings in Toronto, New York and, most recently, in Panama.

Further, real estate as a whole hasn't been great in New York, the location for most of Trump's most prominent ventures. Buildings that depend on foot traffic from brick-and-mortar shopping centers took a rough hit, the magazine reported. 

"The rise of ecommerce has pushed down the value of properties like Trump Tower, which sits in the heart of shopping mecca Fifth Avenue in New York City," Forbes said. "Forbes estimates that the value of Trump’s most famous building declined $41 million in the last year."

Forbes was kinder to the president than Bloomberg, which rated his estimated network at $2.86 billion.

But it's not all bad news for Trump. Revenues from his golf courses increased more than 5 percent in states that voted for him, and his downtown Manhattan buildings have been performing steadily. Trump was also able to settle some debts with Niketown, Forbes revealed, and he paid off another $45 million at his new and controversial Washington D.C. hotel. 

Market observers won't be surprised to find out who nabbed the top two spots on Forbes' annual list. Amazon founder Jeff Bezos ranked No. 1, with an estimated net worth of $112 billion, while Microsoft founder and exquisite dancer Bill Gates fell back to second place.