President drops 92 spots on Forbes 400 richest Americans list

President Donald Trump's net worth decreased $600 million to $3.1 billion in the past year, Forbes business magazine said Tuesday.

The billionaire real estate developer-turned-president fell 92 spots from 156 to 248 on the magazine's list of the 400 richest Americans.

"A tough New York real estate market, a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of the 45th president," Forbes said.

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"Values of several Manhattan properties, particularly those on or near Fifth Avenue, have dropped, shaving nearly $400 million off his fortune," it added.

The magazine said Trump spent $66 million on his presidential campaign, and $25 million settling a lawsuit regarding Trump University.

Bill Gates topped the list for the 24th consecutive year. The Microsoft co-founder saw his net worth grow $8 billion to a total of $89 billion.

Amazon co-founder and CEO Jeff Bezos placed second after his fortune jumped $14.5 billion to $81.5 billion.

Business magnate and investor Warren Buffett was third with $78 billion, while Facebook co-founder and CEO Mark Zuckerberg ranked fourth with $71 billion and Oracle CEO and co-founder Larry Ellison rounded out the top five with $59 billion.

The 400 richest Americans' total net worth increased to $2.7 trillion in 2017, up from $2.4 trillion in 2016; while their average net worth rose to $6.7 billion, up from $6 billion, Forbes said.