Trump's fortune drops $1B since previous year, Forbes says

As the New York's real estate market has slowed, Forbes began downgrading Trump's net value a year ago, saying in October that his net worth was down to $3.7 billion.

A recent breakdown of the president's wealth valued his New York City real estate at $1.7 billion, his real estate outside New York at $630 million, his golf clubs at $620 million, his cash and personal assets at $270 million, and his brand businesses at $230 million. The list is dominated by USA billionaires.

The total combined net worth of this year's billionaires was $7.67 trillion, up from $6.48 trillion last year.

Forbes found 2,043 people around the world were billionaires, with 233 becoming billionaires just within the a year ago.

2,043 billionaires made the list this year, 233 more compared to 2016 - the biggest jump in 31 years. For the second year running France's Liliane Bettencourt, the L'Oreal cosmetics heiress, was the world's wealthiest woman with a $39.5bn net worth. Amazon's Jeff Bezos is third with $72.8 billion, followed by Spanish clothing retailer Amancio Ortega and Facebook's Mark Zuckerberg.

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The United States has the most billionaires on the list (565), with China and Germany following, boasting 319 and 114 billionaires, respectively.

Notable newcomers included Vietnam's first self-made woman billionaire, Nguyen Thi Phuong Thao, who took her budget airline, VietJet Air, public in February 2017. "40 percent of Donald Trump's fortune is tied up in Trump tower and eight buildings within one mile of it", Forbes explained. "Lately, the neighbourhood has been struggling (relatively speaking)", Forbes said.

The magazine also said that his wealth was hit by $66m in political spending on his successful presidential campaign, as well as $25m to settle litigation he allegedly ripped off students at Trump University.

The personal fortune of US President Donald Trump has significantly nosedived over the past year.

But not all of the trends were negative for Mr Trump. The Microsoft co-founder has now been the richest person in the world for 18 out of the past 23 years, per Forbes.

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