This story has been updated.
Donald Trump is $1 billion poorer since becoming president, according to Forbes’s latest list of the world’s billionaires.
The magazine’s newest ranking, released Monday, estimated that Trump’s net worth has fallen from $4.5 billion last year to $3.5 billion today, dropping him 208 spots on the magazine’s list of billionaires, from No. 336 last year to No. 544.
Although Trump resigned from his businesses when he entered office, his slide isn’t due to the sale of any of those businesses, because he still owns them.
Rather, Trump’s net worth is down because about 40 percent of his wealth comes from real estate he owns in Midtown Manhattan, including Trump Tower and eight other buildings within about a mile.
“Midtown Manhattan real estate is down; therefore, so is Donald Trump’s fortune,” the magazine said in a statement.
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Source: The Washington Post (via The Empire Report)